ACC 541 Week 4 DQ2

May 1st, 2015
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ACC 541 Week 4 DQ2

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ACC 541 Week 4 DQ2The following three independent sets of facts relate to (1) the possible accrual or (2) the possible disclosure by other means of a loss contingency. 1. A company offers a one-way warranty for the product that it manufactures. A history of warranty claims has been compiled, and the probable amount of claims related to sales for a given period can be determined. 2. Subsequent to the date of a set of financial statements, but prior to the issuance of the financial statements, a company enters into a contract that will probably result in a significant l

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