What conditions would have to be met for a company to accrue the loss from a pending lawsuit?
Provide the conditions that must be met by the company to accrue a loss from the pending lawsuit.
Contingent liability:
This is an uncertain obligation which might be incurred on a future date as a result of any past transaction. So, the companies should provide provision for such uncertain liabilities in the financial statements.
When there is a pending litigation, the company will accrue a loss and their related liability based...
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