Asked by
Jaimie Adams
on Nov 13, 2024Verified
Event is remote and amount is not estimable
A) Record only
B) Record and disclose
C) Disclose only
D) Do not record or disclose
Contingent Liability
A possible monetary liability that could arise based on the result of an upcoming event.
Estimable
Capable of being estimated or approximated in quantity or degree.
Remote Event
An event or condition with a very low chance of occurring, often considered insignificant in financial forecasting and analysis.
- Identify and account for contingent liabilities.
Verified Answer
TP
Learning Objectives
- Identify and account for contingent liabilities.