Problem based on estimated loss contingency


Information available prior to the issuance of the financial statements indicates that it is likely that, at the date of the financial statements, a liability has been incurred for obligations related to product warranties. The amount of the loss involved can be reasonably estimated. Based on the above facts, an estimated loss contingency should be??

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Accounting Basics: Problem based on estimated loss contingency
Reference No:- TGS089334

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