1 points Save Answer A disclosure of a contingent liability in the footnotes is made rather than adjusting the financial statement accounts when: o the loss can be reasonably estimated, but the outcome is unknown. o the outcome of the event is judged to be probable and the loss can be reasonably estimated. o the outcome of the event is judged to be reasonably possible or the loss cannot be reasonably estimated. o the outcome is unknown and the loss is reasonably estimable but the entity does not want to book the loss