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Which of the following statements regarding contingencies is true and why?
a) Contingencies that are probable and not estimable appear on the balance sheet.
b) Contingencies that are probable and not estimable are disclosed in the notes to the financial statements.
c) Contingencies that are remote but estimable are disclosed in the notes to the financial statements.
d) Contingent assets are recorded on the balance sheet, but not in the notes to the financial statements.
Hi,
I’m not here to outright answer questions for you. You need to answer them yourself first and if you do not get the answer then I can gladly help you with what you need to get the right answer.
I look forward to hearing back from you with an answer and why you believe it to be that one so that I can then assist.
Thanks
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