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Identify the Proper Treatment of Each Contingent Liability by Using

Question 181

Matching

identify the proper treatment of each contingent liability by using the following key.

Premises:
Event is reasonably possible and amount is estimable
Event is reasonably possible but amount is not estimable
Event is probable and amount is estimable
Event is probable but amount is not estimable
Event is remote and amount is estimable
Event is remote and amount is not estimable
Responses:
Record only
Record and disclose
Disclose only
Do not record or disclose

Correct Answer:

Event is reasonably possible and amount is estimable
Event is reasonably possible but amount is not estimable
Event is probable and amount is estimable
Event is probable but amount is not estimable
Event is remote and amount is estimable
Event is remote and amount is not estimable
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