Which of the following statements is true concerning contingent liabilities?     a. Such liabilities should include obligations of known existence but of unknown amount.     b. If the definite amount is involved, it is not a contingent liability.

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Q: What are Contingent Liabilities?  Give an example.  What are the factors that determine the reason…

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Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

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A: Contingent liability: A liability can occur on future uncertain events.

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Q: How are the terms “probable,” “reasonably possible,”and “remote” related to contingent liabilities?

A:

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Q: Contingent liabilities are obligations that may or may not materialize

A: Contingent liabilities are obligations that may or may not materialize will be explained:

Q: Can you please describe contingent liabilities and how to account for and/or report

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Q: A contingent liability should be recorded in the financial statements when the:   Select one: a.…

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