Which of the following would appear only in the footnotes accompanying the financial statem Oa. A liability resulting from a recent lawsuit settlement Ob. A probable loss from a pending lawsuit, the amount of which is not yet determinable c. A probable loss in the amount of $4 million from a pending lawsuit Od. A loss that is almost certain to occur in the amount of $4 million related to a pending lawsuit

Vikrambahi

Under what condition should a pending lawsuit be recognized as a liability on a company's balance sheet? Multiple Choice The outcome is probable and can be reasonably estimated. The amount can reasonably estimated. The outcome is probable. The outcome is reasonably possible.

When is a contingent liability is reported?   Select one: when the likelihood of the loss is reasonably possible and a range of outcomes can be estimated  when the future events will possibly occur, and the amount of the loss is material when the amount of the loss can be reasonably estimated when the likelihood of the loss is probable and the amount of the loss can be reasonably estimated