A loss contingency can be accrued when it is certain that funds are available to settle the disputed amount. the amount of the loss can be reasonably estimated and it is probable that an asset has been impaired or a liability has been incurred. it is probable that an asset has been impaired or a liability incurred even though the amount of the loss cannot be reasonably estimated. an asset may have been impaired.

Question

16-03-2021
Business

contestada

A loss contingency can be accrued when it is certain that funds are available to settle the disputed amount. the amount of the loss can be reasonably estimated and it is probable that an asset has been impaired or a liability has been incurred. it is probable that an asset has been impaired or a liability incurred even though the amount of the loss cannot be reasonably estimated. an asset may have been impaired.

Respuesta :

ACCESS MORE

Otras preguntas

In what way are the girls in the story and the sister in the poem similar? A. Both the girls and the sister tell a boy that he is making a poor choice in a sit

It’s due soon l don’t understand what to do

Can someone explain it to me!

Question 34(Multiple Choice Worth 3 points) (Citizenship 02.05 MC) Which of the following explains why Americans do not have unlimited rights? O Rights without

I WILL GIVE 20 POINTS TO THOSE WHO ANSWER THIS QUESTION RIGHT NOOOO SCAMS AND EXPLAIN WHY THAT IS THE ANSWER

solution to 8n is less than72

Which of the following presidents was known more for his ability to connect with average Americans than his ability to make a compelling speech?

what responsibilities do the media have in its exercise of the right to freedom of expression

What is a pitch? A. 60-second, verbal explanation of an idea to a studio executive B. a presentation of a proposed work or film, usually to get it funded or pro

An earthworm lives and reproduces in the soil.co Through its feeding, excretion, and tunneling activities, the worm adds nutrients and allows air to enter the s

Parrain Parrain · Answer 1 · 2021-03-18T01:54:26+01:00

Answer: The amount of the loss can be reasonably estimated and it is probable that an asset has been impaired or a liability has been incurred.

Explanation:

A loss contingent is an expense that is based on a future event for instance, if the company loses a law suit and would have to pay settlement costs.

Loss contingents are only permitted to be accrued if the probability that they will happen is likely and even at that, the amount of loss needs to be capable of being reasonably estimated. This way, a proper estimate can be made that will represent the situation adequately.