A future payment is reported as a liability on the balance sheet if payment is contingent on
Question:
A future payment is reported as a liability on the balance sheet if payment is contingent on a future event that
(a) is reasonably possible but the payment cannot be reasonably estimated;
(b) is probable and the payment can be reasonably estimated; or
(c) is not probable but the payment is known.
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Related Book For 
Financial Accounting Information For Decisions
ISBN: 9780073043753
4th Edition
Authors: John J. Wild
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