Question: A contingent liability should be reported on the balance sheet if: a. it is less than possible but more than remote that a loss will

A contingent liability should be reported on the balance sheet if:

a. it is less than possible but more than remote that a loss will occur.
b. it is the result of a lawsuit that is not yet settled.
c. it is probable that the loss will occur and the amount can be reasonably estimated.
d. Contingent liabilities will never be reported on the balance sheet.

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