DQ1) Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income DQ 2) The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance. Discuss how the two basic requirements for accrual of a loss contingency relate to the four concepts listed above. Summary: Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc.