0:48:48 -k unt of a contingent liability can... When the amount of a contingent liability can be reasonably estimated and its likelihood is possible but not probable, the company should Multiple Choice O O O accrue the amount of the liability as a long-term liability. exclude any information about the contingent liability from its financial statements and notes. record the amount of the liability times the probability of its occurrence. include a description in the notes to the financial statements