48. Liabilities are any accounts having credit balances after closing entries are made. *

True

False

49. Disclosure of a contingency should be done when the amount of loss is reasonably estimable and occurrence of event is probable. *

True

False

50. A contingent liability is the result of a loss contingency. *

True

False

51. A company may exclude a short-term obligation from current liabilities if the firm intends to refinance the obligation on a long-term basis. *

True

False