Unformatted text preview: company and they company knowingly operates on a day to day basis with the chance of a crash. 4. This is a loss contingency and needs to be noted in the financial statements because until the case is resolved the amount is uncertain. Even is Aztec thinks they will lose they still need to document it because a judge could award more than they are estimating. Or in best case scenario they win their case and do not need to pay anything except for lawyer fees....
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- Spring '10
- Accounting, airline company, loss contingency, Jason Wilcox