How should a contingent liability be reported in the financial statements when it is "reasonably possible" the company will have to pay the liability at a future date?
A) As a deferred liability
B) As an accrued liability
C) As a disclosure only
D) As an account payable with an additional disclosure explaining the nature of the transaction

Question

Quizplus · Accepted Answer

The Answer is C

How Should a Contingent Liability Be Reported in the Financial