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A Contingent Loss Should Be Reported in a Disclosure Note

Question 71

Multiple Choice

A contingent loss should be reported in a disclosure note to the financial statements rather than being accrued if:


A) The likelihood of a loss is remote.
B) The incurrence of a loss is reasonably possible.
C) The incurrence of a loss is more likely than not.
D) The likelihood of a loss is probable.

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