Contingent liabilities are recorded or disclosed in the financial statement notes unless they are:Multiple ChoiceProbable and estimable.Possible and estimable.Probable and not estimable.Reasonably possible.Remote (very unlikely).

Contingent liabilities are recorded on financial statements when the occurrence of the future event…

Answered: Contingent liabilities are recorded or…

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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Contingent liabilities are recorded or disclosed in the financial statement notes unless they are: Multiple Choice Probable and estimable. Possible and estimable. Probable and not estimable. Reasonably possible. Remote (very unlikely).