ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 317

d. An existing situation where uncertainty exists as to possible
gain or loss that will be resolved when one or more future events
occur or fail to occur.

60.

When is a contingent liability recorded?

a. When the amount can be reasonably estimated.

b. When the future events are probable to occur and the amount
can be reasonably estimated.

c. When the future events are probable to occur.