Which of the following circumstances would require recording an accrual for a loss contingency under current generally accepted accounting principles?
A) Event is unusual in nature and occurrence of event is probable
B) Event is unusual in nature and event occurs infrequently
C) Amount of loss is reasonably estimable and occurrence of event is probable
D) Amount of loss is reasonably estimable and event occurs infrequently

Question

Quizplus · Accepted Answer

The Answer is C

Which of the Following Circumstances Would Require Recording an Accrual