Contingent Liabilities must have the following criteria - select all that apply.
A) The obligation is certain to require payment at some point in the future.
B) The obligation will probably require payment at some point in the future.
C) The obligation is estimable.
D) The obligation will possibly require payment at some point in the future.
E) None of the above

Question

Quizplus · Accepted Answer

Contingent liabilities are recorded if the obligation is likely (probable) to occur and the amount can be reasonably estimated.

Contingent Liabilities Must Have the Following Criteria - Select All