Homeland Security Systems experienced an event that had the following effects on its financial statements. Assets Balance Sheet Liab. + Equity + Rev. Multiple Choice Income Statement Exp. E Net Inc. + Which of the following events would have caused these effects? Statement of Cash Flows 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.

Homeland Security Systems experienced an event that had the following effects on its financial statements. 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 tobility that hos a proboble chance of occurring and is estimable Recognizing a contingent lability that has o reasonably posable chance of occurring but is not estmable A) of the answers deficibe events thet could hove caused the effects thown in the financial stotements model