Under ASPE, a contingent liability is recorded in the accounting records if the contingency has not already been disclosed in the notes to the financial statements. if the amount can bg estimated, but the possibility of occurrence is remote. if it is likely that a future event will confirm that a liability has been incurred and the amount of the related loss can be estimated. under no circumstances. The diminishing-balance method of depreciation produces a(n) diminishing percentage rate each period. decreasing depreciation expense each period. increasing depreciation expense each period. constant amount of depreciation expense each period. Which of the following statements is true? Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this. O "Current maturities of non-current debt" refers to the amount of interest on notes payable that must be paid in the current year. A non-current liability is an obligation that is expected to be paid within one year. If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a current liability. hy