Firms do not recognize certain obligations that are uncertain as to amount or timing or both as liabilities, unless those items meet a probability threshold and have a reliable measurement attribute.U.S.GAAP refers to these as _____, such as the possible obligation under an unsettled lawsuit.
A)contingent liabilities
B)unrealized contingencies
C)realized contingencies
D)unrecognized contingencies
E)recognized contingencies

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The Answer of Firms do not recognize certain obligations that are uncertain as to amount or timing or both as liabilities, unless those items meet a probability threshold and have a reliable measurement attribute.U.S.GAAP refers to these as _____, such as the possible obligation under an unsettled lawsuit.
A)contingent liabilities
B)unrealized contingencies
C)realized contingencies
D)unrecognized contingencies
E)recognized contingencies

Firms Do Not Recognize Certain Obligations That Are Uncertain as to Amount