Asked by
Chyanne Henley
on Nov 13, 2024Verified
Event is probable and amount is estimable
A) Record only
B) Record and disclose
C) Disclose only
D) Do not record or disclose
Contingent Liability
A potential financial obligation that may occur in the future depending on the outcome of a specific event.
Probable Event
An event that is likely to occur based on current evidence or past experience.
Estimable Amount
A quantifiable sum that can be accurately predicted or approximated in the accounting records.
- Recognize and report on contingent liabilities.
Verified Answer
OB
Learning Objectives
- Recognize and report on contingent liabilities.