Company A faces the possibility of a loss on a pending lawsuit. Legal counsel feels...

80.2K

Verified Solution

Question

Accounting

Company A faces the possibility of a loss on a pending lawsuit. Legal counsel feels it is probable that Insightful could be required to pay damages however legal counsel was unable to estimate the amount of such damages. Under US GAAP, Company A should not accrue the loss but should disclose it in the notes to the financial statements. T or F

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students