Solved

A Contingent Liability Is Recorded in the Accounting Records

Question 2

Multiple Choice

A contingent liability is recorded in the accounting records


A) if a reasonable estimate of the expected loss can be determined and if it is probable.
B) if the contingency has not already been disclosed in the notes to the financial statements.
C) if it will possibly become an actual liability, and the exact amount is unknown.
D) under no circumstances.

Correct Answer:

verifed

Verified

Related Questions