Contingent liabilities occur when the liability is: Probable and can be reliably estimated. Cannot be reliably estimated. Known and determinable. Reliably estimated. All of these answers are correct. Property, plant and equipment are assets held for sale. True False Depreciation is the process of allocating the cost of a tangible asset in a rational and systematic manner over the asset's estimated useful life. True False Intangible assets should be amortized over their anticipated legal, regulatory, contractual, competitive or economic life. True False