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When should a company journalize a contingent? liability

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Reference no: EM132493790

Question 1: According to? FASB, when should a company journalize a contingent? liability?

Option A. Journalize the contingent? liability, even though you will probably win the lawsuit.

Option B. Do not journalize the contingent liability under any circumstances.

Option C. Journalize the contingent liability only if the amount can be estimated and the probability of loss is reasonably possible.

Option D. Journalize the contingent liability if it is probable that the loss will? occur, and the amount of the loss can be reasonably estimated.

Reference no: EM132493790

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