A contingent liability is a potential obligation that depends on a future event arising from a past transaction or event.
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Q11: Payroll is an example of a contingent
Q12: A liability may exist even if there
Q13: Obligations not due within one year or
Q14: The full disclosure principle requires the reporting
Q15: Sales Taxes Payable is debited and Cash
Q17: Accounting for contingent liabilities covers three possibilities:
Q18: A potential lawsuit claim is disclosed when
Q19: Uncertainties from the development of new competing
Q20: A high value for the times interest
Q21: A note payable can be used to
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