Solved: Estimate of the likelihood of the event occurring, Accounting Basics

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Estimate of the likelihood of the event occurring

PROBLEM:

A contingent liability should be created if it probable that the liability will occur and the amount of the loss can be reasonably estimated.

How is the probability of an event occurring determined? Is this based on an estimate of the likelihood of the event occurring?

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Accounting Basics: Estimate of the likelihood of the event occurring

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Accounting Basics: Estimate of the likelihood of the event occurring

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