Payroll is an example of a contingent liability for the employer.
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Q6: Experience shows that the default rate on
Q7: A single liability cannot be divided between
Q8: Trade accounts payable are amounts owed to
Q9: A liability is a probable future payment
Q10: All expected future payments are liabilities.
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
Q16: A contingent liability is a potential obligation
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