Reporting in the main body of the financial statements is required for:
A)Loss contingencies that are likely and can be reasonably estimated.
B)Gain contingencies that are likely and can be reasonably estimated.
C)Loss contingencies that are unlikely and can be reasonably estimated.
D)gain contingencies that are unlikely and can be reasonably estimated.

Question

Quizplus · Accepted Answer

Reporting is required for loss contingencies that are likely and can be reasonably estimated. Gain contingencies are generally not reported unless they meet specific criteria. Loss contingencies that are unlikely to occur do not need to be reported.

Reporting in the Main Body of the Financial Statements Is