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conditions to be met before a contingency can be accrued?

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Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income?

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A contingency arises when there is an event but there is uncertainty how the event will be resolved and therefore the final financial impact of the event is not known until a future time.

There are gain and loss contingencies but gain ...

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Carol Sargent, PhD
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  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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