Indicate whether each of the following statements about contingent liabilities is true or false.
1. If the likelihood of a future obligation from a contingent liability is remote, a company does not report it on the financial statements or disclose it in the notes to the financial statements
2. If a company has a contingent liability where the future obligation is deemed probable but the amount cannot be estimated, the liability should be disclosed in the footnotes to the financial statements
3. Employees' vacation pay is a contingent liability that usually should be recognized on the financial statements
4. If a customer was injured while using a company's product, the company might need to disclose a contingent liability
5. If a company has a contingent liability where the future obligation is deemed possible, the liability should be reported on the balance sheet

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The Answer of Indicate whether each of the following statements about contingent liabilities is true or false.
1. If the likelihood of a future obligation from a contingent liability is remote, a company does not report it on the financial statements or disclose it in the notes to the financial statements
2. If a company has a contingent liability where the future obligation is deemed probable but the amount cannot be estimated, the liability should be disclosed in the footnotes to the financial statements
3. Employees' vacation pay is a contingent liability that usually should be recognized on the financial statements
4. If a customer was injured while using a company's product, the company might need to disclose a contingent liability
5. If a company has a contingent liability where the future obligation is deemed possible, the liability should be reported on the balance sheet

Indicate Whether Each of the Following Statements About Contingent Liabilities