Unformatted text preview: corresponding obligations) be recorded (accrued) when the loss is both probable and the amount is known or reasonably estimable. Goodday based its analysis on pending claims, historical experience, and current trends, such as recent case verdicts with similar manufacturers. AACSB: Analytic AICPA FN: Measurement Blooms: Analyze Difficulty: 2 Medium Learning Objective: 13-05 Identify situations that constitute contingencies and the circumstances under which they should be accrued. Topic: Identify contingencies...
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- Winter '11
- Generally Accepted Accounting Principles, The Loss, consolidated financial position, Goodday, product liability/tort claim