Liabilities are ________.
A)recorded only when the exact amount of the obligation is determined
B)usually not disclosed until they are settled
C)recorded even if the exact amount is not known
D)recorded in the period the obligation is due

Question

Quizplus · Accepted Answer

Liabilities are recorded even if the exact amount is not known, as long as it is probable that the obligation exists and the amount is estimable. Liabilities are not just recorded in the period they are due, but rather are recognized as soon as they are incurred.

Liabilities Are ________