An Obligation That Is Contingent on the Occurrence of a Future

Multiple Choice

An obligation that is contingent on the occurrence of a future event should be reported in the balance sheet as a liability if the

A) future event is likely to occur.
B) amount of the obligation can be reasonably estimated.
C) occurrence of the future event is at least reasonably possible and the amount is known.
D) occurrence of the future event is probable and the amount can be reasonably estimated.