WHICH OF THE FOLLOWING IS ACHARACTERISTIC OF A CONTINGENTLIABILITY? A) CERTAIN TO OCCUR B) AMOUNTCAN BE EXACTLY DETERMINED C) DEPENDS ONA FUTURE EVENT D) RECORDED AS ANEXPENSE IMMEDIATELY

Concept of Contingent Liability:A contingent liability is a potential obligation that arises from…

Answered: WHICH OF THE FOLLOWING IS A…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 8MC

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WHICH OF THE FOLLOWING IS A CHARACTERISTIC OF A CONTINGENT LIABILITY? A) CERTAIN TO OCCUR B) AMOUNT CAN BE EXACTLY DETERMINED C) DEPENDS ON A FUTURE EVENT D) RECORDED AS AN EXPENSE IMMEDIATELY