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A potential legal claim which is probable and the amount can be reasonably estimated should be: multiple choice recorded in the financial statements as a contingent liability. disclosed in the notes while the lawsuit is outstanding. disclosed in the notes when the lawsuit is settled. is a potential liability that has arisen because of a past event or transaction.

Answer :

A potential legal claim which is probable and the amount can be reasonably estimated should recorded in the financial statements as a contingent liability.

What is Legal claim?

A legal claim are evidence or prove which someone says.

They are legal claims over an individual and the amount estimated will be paid.

Therefore, A potential legal claim which is probable and the amount can be reasonably estimated should recorded in the financial statements as a contingent liability.

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