When determining how businesses record or do not record contingent liabilities,which is NOT one of the three likelihoods that that are considered?
A) remote
B) reasonably probable
C) probable
D) reasonably possible

Question

Quizplus · Accepted Answer

The three likelihoods considered when determining how businesses record or do not record contingent liabilities are "probable," "reasonably possible," and "remote." "Reasonably probable" is not a recognized category in accounting standards for contingent liabilities.

When Determining How Businesses Record or Do Not Record Contingent