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Home/ Questions/Question 8 (1 point) Which of the following is a contingency that should be accrued? The...
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Asked: April 13, 20222022-04-13T09:17:45+00:00 2022-04-13T09:17:45+00:00In: Accounting

Question 8 (1 point) Which of the following is a contingency that should be accrued? The…

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Question%208%20(1%20point)%20Which%20of%20the%20following%20is%20a%20contingency%20that%20should%20be%20accrued?%20The...

Question 8 (1 point) Which of the following is a contingency that should be accrued?
A. The company is being sued and a loss is reasonably possible and reasonably estimable.
B. The company deducts life insurance premiums from employees’ paychecks.
C. It is probable that the company will receive $100,000 in settlement of a lawsuit.
D. The company offers a two-year warranty and the expenses can be reasonably estimated.
♦ Relevant knowledge

These are events in the business world which could happen in the near future. The probability of their happening is evaluated and the amount of loss or expense that could result is calculated. They could be included in the records or made public according to these guidelines.

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    Lily Gagnon
    2022-04-13T09:17:48+00:00Added an answer on April 13, 2022 at 9:17 am

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