Kong Corp is currently experiencing an employee lawsuit for discrimination. There is a remote chance that the company will lose the lawsuit and no future outcome can be estimated. How should the company treat the lawsuit in their financial statements? As a liability on the balance sheet Ignore - no need to disclose in the financial statements or record as a liability As an HR complaint Disclose in the notes to the financial statements

Kong Corp is currently experiencing an employee lawsuit for discrimination. There is a remote chance that the company will lose the lawsuit and no future outcome can be estimated. How should the company treat the lawsuit in their financial statements? As a liability on the balance sheet Ignore - no need to disclose in the financial statements or record as a liability As an HR complaint Disclose in the notes to the financial statements

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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