Which of the following are generally recorded as liabilities on the balance sheet?
A)Remote likelihood liabilities.
B)Possible contingent liabilities.
C)Probable contingent liabilities.
D)All of the above.

Question

Quizplus · Accepted Answer

Probable contingent liabilities are generally recorded as liabilities on the balance sheet. Remote likelihood liabilities and possible contingent liabilities are uncertain and may not be recorded as liabilities until they become probable.

Which of the Following Are Generally Recorded as Liabilities on the Balance