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Contingent Liabilities Which one of the following correctly describes the circumstances in which a contingent liability should be recognized as a liability in the financial statements? a. The chance...

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Contingent Liabilities

Which one of the following correctly describes the circumstances in which a contingent liability should be recognized as a liability in the financial statements?

a. The chance of the future event occurring is remote.

b. The chance of the future event occurring is possible.

c. The chance of the future event occurring is probable.

d. The chance of the future event occurring is slight.

e. The chance of the future event occurring is more likely than not.

 

Answered Same Day Dec 25, 2021

Solution

David answered on Dec 25 2021
141 Votes
Contingent Liabilities
Which one of the following co
ectly describes the circumstances in which a
contingent liability should be recognized as a liability in the financial statements?
a. The chance of the future event occu
ing is remote.
. The chance of the future event occu
ing is possible.
c. The chance of the future event occu
ing is probable.
d. The chance of the future event occu
ing is slight....
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