Under ASPE, a Contingent Liability Is Recognized If

Multiple Choice

Under ASPE, a contingent liability is recognized if

A) it is certain that funds are available to settle the contingency.
B) an asset may have been impaired.
C) the amount of the loss can be reasonably estimated and it is likely that an asset has been impaired or a liability incurred as of the financial statement date.
D) it is likely that an asset has been impaired or a liability incurred even though the amount of the loss cannot be reasonably estimated.