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Study with Quizlet and memorize flashcards containing terms like What is a contingent liability?, What are the 3 possibilities of contingent liabilities? What do you do in each of the situations?, What are examples of contingent liabilities? and more.
Don't know? a potential liability that depends on some future event arising from a past transaction or event. Study with Quizlet and memorize flashcards containing terms like future event is probable and estimable, future event is probable and nonestimable, future event is possible and more.
2 paź 2024 · Contingent liability v Provision. Study with Quizlet and memorise flashcards containing terms like Provisions, Distinguishing provisions from other liabilities:, Examples of provisions and others.
11 sty 2024 · Contingent liabilities are potential obligations that may arise depending on the outcome of a future event. These liabilities are not certain; they are conditional and dependent on situations that have not yet occurred or been resolved.
8 cze 2023 · A contingent liability is the result of an existing condition or situation whose final resolution depends on some future event. Generally, the amount of these liabilities must be estimated; the actual amount cannot be determined until the event that confirms the liability occurs.
A contingent liability: A) Is always of a specific amount. B) Is a potential obligation that depends on a future event arising out of a past transaction or event.
14 cze 2024 · What Is a Contingent Liability? A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. Contingent liabilities are recorded if the...
