Which of the following are generally recorded as liabilities on the balance sheet if the loss can be reasonably estimated?
A)Remote likelihood liabilities
B)Possible contingent liabilities
C)Probable contingent liabilities
D)Immaterial contingent liabilities

Question

Quizplus · Accepted Answer

Under GAAP,contingent liabilities (and corresponding losses)are recorded if the estimated loss is probable.

Which of the Following Are Generally Recorded as Liabilities on the Balance