Which statement about contingent liabilities is correct?
A)It is a present obligation that will probably result in the economic outflow of resources.
B)It involves uncertainty about either the timing of payment or the amount of payment.
C)It is an obligation that arises from past transactions and events and can be reliably measured.
D)It is a present obligation that arises from past events but it cannot be reliably measured.

Question

Quizplus · Accepted Answer

The Answer of Which statement about contingent liabilities is correct?
A)It is a present obligation that will probably result in the economic outflow of resources.
B)It involves uncertainty about either the timing of payment or the amount of payment.
C)It is an obligation that arises from past transactions and events and can be reliably measured.
D)It is a present obligation that arises from past events but it cannot be reliably measured.

Which Statement About Contingent Liabilities Is Correct