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, regulator contractual competitive or economic life. True False A liability is a future payment of assets or services that a company is currently obligated to make as a result of past transactions or events. True False Trade accounts payable are amounts owed to suppliers for products or services purchased on credit. True False A note payable can be used to extend the credit period for an account payable. True False