A company should accrue a liability for a loss contingency if it is at least reasonably possible that assets have been impaired and the amount of potential loss can be reasonably estimated.

Question

Quizplus · Accepted Answer

A company should accrue a liability for a loss contingency if it is probable that assets have been impaired or a liability has been incurred and the amount of loss can be reasonably estimated.

A Company Should Accrue a Liability for a Loss Contingency