Which one of the following correctly describes the circumstances in which a contingent liability should be recognized
Question:
Which one of the following correctly describes the circumstances in which a contingent liability should be recognized as a liability in the financial statements?
a. The chance of the future event occurring is remote.
b. The chance of the future event occurring is possible.
c. The chance of the future event occurring is probable.
d. The chance of the future event occurring is slight.
e. The chance of the future event occurring is more likely than not.
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The correct answer is C Probable me...View the full answer
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Related Book For 
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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