Question
Select all that apply
Under US GAAP, a contingent liability should
(Enter one word per blank.)
• not be reported if the loss is remote and unable to be estimated
• be reported on the balance sheet if the loss will probably occur and can be reasonably estimated
• be reported on the balance sheet if the loss may possibly occur and can be reasonably estimated
[ be in the notes to the financial statements If the loss may possibly occur and can be reasonably estimated
Answer
not be reported, be reported, be in the notes.