Asked by
Danny Galvez
on Oct 20, 2024
Verified
A liability does not exist if there is any uncertainty about whom to pay, when to pay, or how much to pay.
Uncertainty
A condition where the outcome of an event or the effect of a decision is unknown.
- Comprehend the conditions under which liabilities are recognized and reported in financial statements.
Verified Answer
JL
Learning Objectives
- Comprehend the conditions under which liabilities are recognized and reported in financial statements.