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?

Question

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?

Quizplus · Accepted Answer

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