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  3. 32. which of the following conditions must be met

32. Which of the following conditions must be met for a contingent loss to be...

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Accounting

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32. Which of the following conditions must be met for a contingent loss to be recorded in the financial statements? a. The chance of loss must be remote. b. The amount of the loss must be unknown. c. The chance of loss must be probable and can be reasonably estimated. d. The occurrence of lost must be from a future event. e. The stock of the company must be a publicly-traded. 33. Tydings. Corporation is being sued by a former employee. Tydings' lawyer believes that the chance of loss is remote. Which of the following is true of reporting this contingent loss? a. The loss should not be reported. b. The loss should be disclosed in the notes to the financial statements. c. The loss should be reported in the statement of cash flows. d. The loss should be reported on the balance sheet. e. The loss should be reported on the income statement 34. An obligation established by the sale of a product where the seller promises to fix or replace the product if it proves to be defective is called: a. kembedded product warranty. b. product benefits. c. gift card. d. redeemable vouchers. e. exchange coupons

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