Business, 29.11.2019 06:31 am2garcia5

Acontingent liability should be recorded in a company's financial statements only if the likelihood of a loss occurring
a. at least reasonably possible and the amount of the loss is known.
b. at least remotely possible and the amount of the loss is known.
c. at least reasonably possible and the amount of the loss is reasonably estimable.
d. probable and the amount of the loss can be reasonably estimated.

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Acontingent liability should be recorded in a company's financial statements only if the likelihood...

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