Contingent liabilities should be recorded in the accounts when: a) It is probable that the future event will occur. b) The amount of the liability can be reasonably estimated. c) Both (a) and (b).d) Either (a) or (b).

Contingent liabilities should be recorded in the accounts when: a) It

1.	Contingent liabilities should be recorded in the accounts when: a) It is probable that the future event will occur. b) The amount of the liability can be reasonably estimated. c) Both (a) and (b).d) Either (a) or (b).
Answer» c) Both (a) and (b).

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Contingent liabilities should be recorded in the accounts when: a) It is probable that the future event will occur. b) The amount of the liability can be reasonably estimated. c) Both (a) and (b).d) Either (a) or (b).

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