The entry to accrue a contingent liability debit an expense account. reduces equity but not...
80.2K
Verified Solution
Link Copied!
Question
Accounting
The entry to accrue a contingent liability debit an expense account. reduces equity but not income. is recorded even though not reasonably estimated. is made if it is more likely than not that the liability has been incurred
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
The entry to accrue a contingent liability debit an expense account. reduces equity but not income. is recorded even though not reasonably estimated. is made if it is more likely than not that the liability has been incurred 