A liability that is known to exist but the precise dollar amount is not known is called a possible liability.

Name: A liability that is known to exist but the precise dollar amount is not known is called a possible liability.
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A liability that is known to exist but the precise dollar amount is not known is called an estimated liability. Possible liabilities are referred to as contingent liabilities, which may become actual liabilities depending on the outcome of a future event.

A Liability That Is Known to Exist but the Precise