Question content area bottom
Part 1
A.
unlikely, reasonably possible, and probable
B.
remote, reasonably possible, and probable
C.
remote, reasonably possible, and certain
D.
unlikely, reasonably possible, and certain
Bot GPT 4-o mini
answeredThe correct answer is:
A. unlikely, reasonably possible, and probable
A company evaluates contingent liabilities based on the likelihood of the occurrence of future events and classifies them into these three categories to determine whether to record the liability in the financial statements or not.
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