Use the following key (a-d) to identify the proper treatment of each contingent liability.
-Event is remote and amount is not estimable
A)Record only
B)Record and disclose
C)Disclose only
D)Do not record or disclose

Question

Quizplus · Accepted Answer

When an event is considered remote and the amount is not estimable, generally accepted accounting principles (GAAP) suggest that neither recording nor disclosing the contingent liability is necessary.

Use the Following Key (A-D) to Identify the Proper Treatment