Which of the following is true? a. A contingent liability should always be disclosed in the financial
Question:
Which of the following is true?
a. A contingent liability should always be disclosed in the financial statements.
b. A contingent liability should always be recorded within the financial statements.
c. A company can choose to record a contingent liability either within its financial statements or disclose the liability in the financial statements.
d. No journal entries or disclosure is necessary if the possibility of a contingent liability is remote.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
15+ Reviews
45+ Question Solved
Related Book For 
Cornerstones Of Financial Accounting
ISBN: 9780176707125
2nd Canadian Edition
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
Question Posted:
