In order to be reported, liabilities: Multiple Choice Must be of a known amount. Are at times estimated if the exact amount is not known. Must have certainty in exactly whom to pay. Always have a definite date for payment. Will always require a future outflow of cash.

Question

In order to be reported, liabilities: Multiple Choice Must be of a known amount. Are at times estimated if the exact amount is not known. Must have certainty in exactly whom to pay. Always have a definite date for payment. Will always require a future outflow of cash.

Accepted Answer

In order to be reported,liabilities, such ascontingent liabilities, are at timesestimatedif the exactamountisnot known.What is contingent liability?Acontingent liabilityis apossibleliability that may arise in thefuture, likeunresolvedcourtcasesor productwarrantiesthat must behonored.Theliabilityshould berecordedin a company's accountingrecordsif it isexpectedtoariseand it ispossibleto reasonablyestimatethe amount.Toguaranteethat the financial statements areaccurateandcompliantwithGAAPorIFRSrequirements, contingentliabilitiesare at timesestimatedandrecorded.Learnmore aboutliabilitieshere:brainly.com/question/12870050....

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In order to be reported, liabilities: Multiple Choice Must be of a known amount. Are at times estimated if the exact amount is not known. Must have certainty in exactly whom to pay. Always have a definite date for payment. Will always require a future outflow of cash.

In order to be reported, liabilities: Multiple Choice Must be of a known amount. Are at times estimated if the exact amount is not known. Must have certainty in exactly whom to pay. Always have a definite date for payment. Will always require a future outflow of cash.