7 What will a contingency note contain?   Review Later   A circumstance where a company may have a liability   A disclosure of future contracts to be performed   A disclosure of all future commitments of the company   A set of criteria required to be able to recognize revenu

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A: Reimbursement plan complies with IRS regulations, according to IRS regulations, a reimbursement plan…

Q: Under the Revenue Recognition Principle in IFRS, revenue is recognized In the accounting period when…

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Q: What is Revenue Recognition Companies should recognize revenue in the accounting period in which a…

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.