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What are the two criteria that a loss contingency must meet

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Reference no: EM132769101

Problem 1: According to the FASB, what are the two criteria that a loss contingency must meet before it needs to be reported on the balance sheet?

1) Reasonably possible and estimated.

2) Probable and reasonably estimated.

3) Remote and reasonably estimated.

4) Likely and a certain amount.

Reference no: EM132769101

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