Question: When are contingent liabilities required to be recorded? a. When the liability is probable b. When the amount is reasonably estimable c. When the liability

When are contingent liabilities required to be recorded? a. When the liability is probable b. When the amount is reasonably estimable c. When the liability becomes legally enforceable d. Both the liability must be probable and the amount must be reasonably estimable before the contingent liability is recorded.

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