Question: Current Attempt in Progress If a contingent liability is reasonably estimable and it is reasonably possible that the contingency will occur, the contingent liability should

Current Attempt in Progress
If a contingent liability is reasonably estimable and it is reasonably possible that the contingency will occur, the contingent liability
should be recorded in the accounts.
must be paid for the amount estimated.
should be disclosed in the notes accompanying the financial statements.
should not be recorded or disclosed in the notes until the contingency actually happens.
Current Attempt in Progress If a contingent liability is reasonably estimable

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