Contingent Liabilities Are Recorded or Disclosed Unless They Are

question 100

Multiple Choice

Contingent liabilities are recorded or disclosed unless they are:

• A)Probable and estimable.
• B)Remote.
• C)Reasonably possible.
• D)Probable and not estimable.
• E)Possible and estimable.

---

Definitions:

Promissory Note

A written promise to pay a specified amount of money, usually with interest, at a determined future date.

Payee

The person or company to whom the check is payable.

Drawer

Person who writes a check.

Maker

One promising to pay a note.