GAAP requires that a company record a loss and liability termination benefits when

Name: GAAP requires that a company record a loss and liability termination benefits when
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Question

Quizplus · Accepted Answer

GAAP requires that a company record a loss and liability termination benefits when both the amount can be reasonably estimated and the employee accepts the offer. Therefore, both option A and B must be satisfied. Option C is not sufficient on its own to trigger the recognition of a loss and liability termination benefits under GAAP.

GAAP Requires That a Company Record a Loss and Liability