Contingent liabilities can be:
A) Probable.
B) Remote.
C) Possible.
D) Estimable.
E) All of these.

Question

Quizplus · Accepted Answer

Contingent liabilities can be any of these options: (A) probable, meaning it is likely that a liability will arise from a current situation; (B) remote, meaning it is unlikely that a liability will arise; (C) possible, meaning there is a chance that a liability may arise from an existing situation; and (D) estimable, meaning the amount of the liability can be reasonably estimated. Therefore, the best answer is (E) all of these.

Contingent Liabilities Can Be