Solved

Under ASPE, a Contingent Liability Must Be Accrued in the Financial

Question 71

Multiple Choice

Under ASPE, a contingent liability must be accrued in the financial statements if


A) it can be reasonably estimated and unlikely to occur.
B) it can be reasonably estimated and likely to occur.
C) it is likely to occur but cannot be reasonably estimated.
D) the amount of the potential loss is greater than the balance in the cash account.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents