Question: When do we recognize (record) a contingent liability in our financial statements? Select one: a. When the likelihood is probable, and the amount is not

When do we recognize (record) a contingent liability in our financial statements? Select one:

a. When the likelihood is probable, and the amount is not estimable.

b. When the likelihood is probable, and the amount is estimable.

c. When the likelihood is remote, and the amount is estimable.

d. When the likelihood is remote, and the amount is not estimable.

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