Respuesta :
The statement, ''A company only records liabilities when it knows whom to pay, when to pay, and how much to pay. Without all three, a liability cannot be recorded'', is the one regarding uncertainty in liabilities that is false. Therefore, the option C holds true.
A liability can be referred to or considered as the amounts in the balance sheet of the company that represent the borrowings or dues that are obliged to be paid by the company. Although there may be contingent liabilities, it is not necessary to know the time, the party, and the amount may be unknown to the company.
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Complete question
All of the following statements regarding uncertainty in liabilities are true except
Multiple Choice
O Liabilities can involve uncertainty in whom to pay,
O A company can be aware of an obligation but not know how much will be required to settle it.
O A company only records liabilities when it knows whom to pay, when to pay, and how much to pay. Without all three, a liability cannot be recorded.
O A company can have an obligation of a known amount to a known creditor but not know when it must be paid.
