Which statement is not correct?
A)The amount to be paid for contingencies is determined by future events.
B)The amount to be paid for current liabilities is determined by future events.
C)The amount to be paid for financial guarantees is determined by future events.
D)The amount to be paid for current liabilities is known or reasonably estimable.

Question

Quizplus · Accepted Answer

The amount to be paid for current liabilities is generally known or reasonably estimable based on existing information and obligations. It is not determined by future events.

Which Statement Is Not Correct