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Accounting for Contingencies - PowerPoint PPT Presentation


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Definitions. ContingencyA contingency is an existing condition situation or set of circumstances involving Uncertainty as to possible loss (loss contingency) or gain (gain contingency) that will be resolved when one or more future events occurs or fails to occur.EstimatesEstimates are not necessarily uncertainty giving rise to contingencies. For example the following are not contingencies:DepreciationRecurring repairs and maintenanceAccruals for services such as advertising and utiliti9456

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