Question: When should a contingent liability be recognized and reported on the financial statements? A. Reporting contingent liabilities do not require they be probable or reasonably

When should a contingent liability be recognized and reported on the financial statements?
  • A. Reporting contingent liabilities do not require they be probable or reasonably estimated
  • B. When the contingent liability is probable
  • C. When a reasonable estimation can be made of the amount owed
  • D. When the contingent liability is probable and a reasonable estimation can be made of the amount owed

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