Explain the difference between a contingency and a provision for future costs.

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Intermediate Accounting

ISBN: 978-0071339476

Volume 1, 6th Edition

Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I

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Question Posted: Feb 17, 2015 07:48 AM

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Explain the difference between a contingency and a provision for future costs.

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A contingent cost or loss is a potential amount that will become a liabilit...View the full answer

Intermediate Accounting

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