HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 11, Problem 14RQ
To determine

Contingent liability:  It is a potential liability of a company that depends on a future event. The recording of contingent liability is based on the following likelihoods of the event occur in future:

  • Remote
  • Reasonably possible
  • Probable

To identify: The reporting place of “Reasonably possible contingent liability”.

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