An estimated liability: Multiple Choice Is an unknown liability of a certain amount. Is a known obligation of an uncertain amount that can be reasonably estimated. Is a liability that may occur if a future event occurs. Can be the result of a lawsuit. Is not recorded until the amount is known for certain.

Is a known obligation of an uncertain amount that can be reasonably estimated

Explanation:

A liability is a present obligation of an entity as a result of a past event, for which economic resources are expected to flow out of the entity.

As such, an estimated liability is a present and known obligation of an entity. The amount of such liability is uncertain but can be reliably estimated.

A good example of such liability is accrued expenses.

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