Which of the following represents the three ranges of likelihood for confirming a contingent liability?

The three ranges of likelihood for confirming a contingent liability are described as probable, reasonably possible, and remote. This classification is established by accounting standards to guide how entities assess and report contingent liabilities in their financial statements.

When a contingency is classified as "probable," it means that the future event is likely to occur, and thus, the company should recognize a liability and disclose it in the financial statements if the amount can be reasonably estimated. "Reasonably possible" refers to situations that are less likely than probable but more likely than remote, indicating that while there is a chance of occurrence, it's not certain enough to warrant recognition as a liability on the balance sheet. "Remote" describes circumstances under which the likelihood of the event occurring is very low, and thus, no liability needs to be recognized or disclosed.

The classification into these three categories helps users of financial statements understand the potential impact of contingent liabilities on the company's financial health, depending on the likelihood of occurrence and the potential financial ramifications. Other options presented do not align with accounting standards and terminology, making them incorrect.