In order for contingent liabilities to be recorded in the balance sheet of a com
ID: 2392098 • Letter: I
Question
In order for contingent liabilities to be recorded in the balance sheet of a company two criteria must usually be met...
The future event is both probable, and can be reasonably estimated
The future event proves guilt beyond the shadow of a doubt, and the other party proves likelihood that our company will lose it's case in court!
None of the other answers
The future event is probable, and cannot be estimated
The future event is not probable, but can be reasonably estimated
A.The future event is both probable, and can be reasonably estimated
B.The future event proves guilt beyond the shadow of a doubt, and the other party proves likelihood that our company will lose it's case in court!
C.None of the other answers
D.The future event is probable, and cannot be estimated
E.The future event is not probable, but can be reasonably estimated
Explanation / Answer
When The future event is both probable, and can be reasonably estimated contingent liabilities is to be recorded in the balance sheet of a company Option A is correct
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