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Home Q & A Board Other Fields Homework Help Business Accounting
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eFishie eFishie
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7 years ago
If a potential loss on a contingent liability is likely and the amount of the loss can be reasonably estimated, the liability should be
A) accrued and indicated in the body of the financial statements.
B) disclosed in footnotes, but not accrued.
C) neither accrued nor disclosed in footnotes.
D) disclosed in the auditor's report but not disclosed on the financial statements.
Textbook 
Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Auditing: The Art and Science of Assurance Engagements, Canadian Edition


Edition: 12th
Authors:
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inthe80sinthe80s
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7 years ago
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eFishie Author
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7 years ago
Appreciate your help
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