accounting principles
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Free Inquiry True Co. did not record an accrual for a probable loss from a lawsuit in its financial statements. Which
of the following explanations for True’s not accruing the probable loss is in accordance with generally accepted accounting principles?
A. No reasonable estimate of the loss can be made.
B. An estimated range for the loss can be made but no amount in the range is more accurate than any
other amount.
C. Recognizing an amount in its financial statements would weaken the company’s defense of the
lawsuit.
D. Accrual was not required because an estimated amount of the loss was disclosed in the notes to the
financial statements.
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