Uncertainties such as natural disasters are:

Uncertainties such as natural disasters are:

Multiple Choice

• Not contingent liabilities because they are future events not
  arising from past transactions or events.
• Contingent liabilities because they are future events arising
  from past transactions or events.
• Disclosed because of their usefulness to financial
  statements.
• Estimated liabilities because the amounts are uncertain.
• Reported in the same way as debt guarantees.