If the hurricane hits our business we can reasonably be


let's assume the weatherman says a hurricane is coming in the nextthree days, headed straight for our location, and it's March 31st. If the hurricane hits our business, we can reasonably be assuredthat we will incur a $2 million loss.

We want to finish closing March's books. Should we record the $2million loss? Why or why not?

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Accounting Basics: If the hurricane hits our business we can reasonably be
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