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Homeland Security Systems experienced an event that had the following effects on its financial statements Assets NA Balance Sheet Liab. + + Equity Rev. Income

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Homeland Security Systems experienced an event that had the following effects on its financial statements Assets NA Balance Sheet Liab. + + Equity Rev. Income Statement Exp. Net Inc. + NA Statement of Cash Flows NA Which of the following events would have caused these effects? Multiple Choice Recognizing a contingent liability that has a remote chance of occurring Recognizing a contingent liability that has a probable chance of occurring and is estimable Recognizing a contingent liability that has a reasonably possible chance of occurring but is not estimable All of the answers describe events that could have caused the effects shown in the financial statements model

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