Answered: A provision may be the equivalent of an…

A provision may be the equivalent of an estimated liability or a loss contingency that is accrued because it is both probable and measurable.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8MC: Which of the following best describes a contingent liability that is likely to occur but cannot be...

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A provision may be the equivalent of an estimated
liability or a loss contingency that is accrued because it is
both probable and measurable.

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