Contingent Liabilities Video Lessons

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Problem: Review the following: Which of the following rules about contingent liabilities is NOT true? A) A contingent liability that can be estimated and is probable should be recorded. B) A contingent liability that cannot be estimated and is probable should be recorded. C) A contingent liability that cannot be estimated and is remote should not be recorded or disclosed. D) A contingent liability that can be estimated and is only reasonably possible should be disclosed but not recorded.

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Problem Details

Review the following:

Which of the following rules about contingent liabilities is NOT true?

A) A contingent liability that can be estimated and is probable should be recorded.

B) A contingent liability that cannot be estimated and is probable should be recorded.

C) A contingent liability that cannot be estimated and is remote should not be recorded or disclosed.

D) A contingent liability that can be estimated and is only reasonably possible should be disclosed but not recorded.

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