Question

answer the following as true or false, then select the correct multiple-choice answer. if a contingent liability is both probable and estimable, it should be recorded as a liability on the balance sheet. the normal balance of a discount account is a debit.

Answer 1

True.  If a contingent liability is both probable and estimable, it should be recorded as a liability on the balance sheet.

Current and contingent liabilities are both important monetary matters for a business.

The primary distinction between the 2 is that a current legal responsibility is an amount which you already owe, while a contingent legal responsibility refers to an amount that you could probably owe depending on how sure occasions transpire.

Contingent liabilities are described as the ones capacity liabilities that can arise in a destiny date because of an uncertain occasion that is past the manipulate of the business.

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