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Requirements for Accrual Loss Contingency

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October 6th, 2022

The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. If you should examine how the two basic requirements for accrual of a loss contingency relate to the following concepts:
1. Periodicity (time period)
2. Measurement
3. Objectivity
4. Relevance

Please do the following:
1. Provide points of examination on how the two basic requirements for accrual of a loss contingency relate to the concept of periodicity.

2. Provide the points of examination on how the two basic requirements for accrual of a loss contingency relate to the concept of measurement.

3. Provide the points of examination on how the two basic requirements for accrual of a loss contingency relate to the concept of objectivity.

4. Provide the points of examination on how the two basic requirements for accrual of a loss contingency relate to the concept of relevance.

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