A contingent liability exists when a potential liability that depends on a future event arising out of a past transaction liability is either not probable or it cannot be reliably estimated.
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Q31: A pending lawsuit is an example of
Q32: Accounts payable
A)have specific due dates.
B)are long-term liabilities.
C)are
Q33: Management can withhold any information regarding future
Q34: A gift card is an example of
Q35: At their fiscal year end,Lorax Corp has
Q37: A company can have a liability even
Q38: Kirland performed warranty repair work for a
Q39: Fees accepted in advance from a client
A)are
Q40: Long-term liabilities
A)are liabilities arising from future events.
B)are
Q41: Liabilities
A)Can be reliably estimated
B)Must be certain
C)Must be
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