llowing statements regarding contingencies is true? ies that are probable and estimable must be recorded before the o assets, if probable and estimable, are treated in much the same v ing principle that determines whether a contingent asset is reco es that are not estimable should not be disclosed even if probab ether a lottery winner would prefer to receive the money in a si eive an equal amount over a period of years, you would use wh: c. $20,000 d. $24,000 Which of the following statements regarding contingencies is true? a. Contingencies that are probable and estimable must be recorded before the outcome of future events. b. Contingent assets, if probable and estimable, are treated in much the same way as contingent liabilities. c. The accounting principle that determines whether a contingent asset is recorded is that of materiality. d. Contingencies that are not estimable should not be disclosed even if probable. 8. To determine whether a lottery winner would prefer to receive the money in a single lump sum Injmediately or receive an equal amount over a period of years, you would use which type of time value of money calculation? a. The future value of a single amount. 99 b. The present value of a single amount