If both required conditions of loss contingencies are not met,then U.S.accounting standards require
A)recording of loss contingencies if the loss is reasonably possible
B)disclosure of loss contingencies if the loss is possible
C)disclosure of loss contingencies if the loss is reasonably possible
D)disclosure of loss contingencies if the loss is probable

Question

Quizplus · Accepted Answer

If both required conditions of loss contingencies (probable and can be reasonably estimated) are not met, disclosure is still required if the loss is reasonably possible. Therefore, the best choice is C.

If Both Required Conditions of Loss Contingencies Are Not Met,then