Ask Question
BusinessBusiness
8 December, 21:49

A contingent liabilityA. definitely exists as a liability but its amount and due date are indeterminable. B. is accrued even though not reasonably estimated. C. is not disclosed in the financial statements. D. is the result of a loss contingency.

+4
Answers (1)
  1. 8 December, 22:12
    0
    D. is the result of a loss contingency.

    Explanation:

    The contingent liability is the liability which is arise but its result is uncertain. It is reported on the financial statements when the amount and the liability could be approximate or estimated

    We could also term as a loss that depend upon the event held in the future.

    Example: warranties of product, law suits, etc
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A contingent liabilityA. definitely exists as a liability but its amount and due date are indeterminable. B. is accrued even though not ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The body system most responsible for homeostasis in response to stress and broadly dictates metabolism is ___.
Answers (1)
If Roland wants to invest money in his own business, how can he avoid risk?
Answers (1)
Which of these would cause inventory turnover to increase the most? A : keeping the amount of inventory on hand constant but decreasing sales B : increasing the amount of inventory on hand C : keeping the amount of inventory on hand constant but
Answers (1)
What is internal financing?
Answers (1)
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior
Answers (1)
New Questions in Business
What are the order of in which management can take legal action against a employee
Answers (1)
What best describes an entrepreneur? a. Someone who initiates and assumes the financial risk of a new business enterprise. b. A person who knows how to evaluate which stocks to purchase. c. Someone who can expertly manage other people's investments.
Answers (1)
JRN Enterprises just announced that it plans to cut its dividend from $3.50 to $2.50 per share and use the extra funds to expand its operations.
Answers (1)
Sykora, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $12,000,000 and total direct labor hours to be 320,000 hours. Calculate Sykora's predetermined overhead rate.
Answers (1)
Appalachian mountain goods has paid increasing dividends of $.10, $.12, $.15, and $.20 a share over the past four years, respectively.
Answers (1)
Home » Business » A contingent liabilityA. definitely exists as a liability but its amount and due date are indeterminable. B. is accrued even though not reasonably estimated. C. is not disclosed in the financial statements. D. is the result of a loss contingency.
Sign Up Forgot Password?