A Contingent Liability Should Be Recorded on a Company's Financial

A contingent liability should be recorded on a company's financial statements only if the likelihood of a loss occurring is:

A) At least remotely possible and the amount of the loss is known.
B) At least reasonably possible and the amount of the loss is known.
C) At least reasonably possible and the amount of the loss can be reasonably estimated.
D) Probable and the amount of the loss can be reasonably estimated.