Question

In order to be reported, liabilities: Multiple Choice Must be of a known amount. Are at times estimated if the exact amount is not known. Must have certainty in exactly whom to pay. Always have a definite date for payment. Will always require a future outflow of cash.

Answer 1

In order to be reported, liabilities, such as contingent liabilities, are at times estimated if the exact amount is not known.

What is contingent liability?

A contingent liability is a possible liability that may arise in the future, like unresolved court cases or product warranties that must be honored.

The liability should be recorded in a company's accounting records if it is expected to arise and it is possible to reasonably estimate the amount.

To guarantee that the financial statements are accurate and compliant with GAAP or IFRS requirements, contingent liabilities are at times estimated and recorded.

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