A contingent liability that has a probable chance of occurrence should be disclosed in the financial statement footnotes.

Name: A contingent liability that has a probable chance of occurrence should be disclosed in the financial statement footnotes.
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

A contingent liability with a probable chance of occurrence should be disclosed in the financial statement footnotes and, if estimable, recorded as a liability in the financial statements.

A Contingent Liability That Has a Probable Chance of Occurrence