Answer: All of the following statements regarding uncertainty in liabilities are true except: A company only records liabilities when it knows whom to pay, when to pay, and how much to pay.
The statement is not true since the company record their assets and liabilities at all time, this is so, as it is necessary to provide the data while evaluating variables and also while providing a detailed balance sheet or financial report. In order for the shareholders and stakeholders to ponder before investing.