1. What is a contingent liability?
2. When must a contingent liability be recorded through a journal entry?
3. When should a contingent liability be disclosed in the footnotes to the financial statements?
4. When is disclosure of a contingent liability not required?

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The Answer of 1. What is a contingent liability?
2. When must a contingent liability be recorded through a journal entry?
3. When should a contingent liability be disclosed in the footnotes to the financial statements?
4. When is disclosure of a contingent liability not required?

1. What Is a Contingent Liability