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Business, 03.06.2021 20:00 hiiliohi1018

Warren Advertising becomes aware of a lawsuit after the end of the fiscal year, but prior to the issuance of financial statements. A loss should be accrued and a liability should be reported if the amount can be reasonably estimated and: Multiple Choice The cause for action occurred prior to the end of the fiscal year. The damages would be payable within a year. The cause for action occurred prior to the end of the fiscal year and the damages would be payable within a year. The contingency should not be accrued.

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