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A contingent liability is the result of a loss contingency. is not disclosed in the financial statements. definitely exists as a liability but its amount
A contingent liability is the result of a loss contingency. is not disclosed in the financial statements. definitely exists as a liability but its amount and due date are indeterminable. is accrued even though not reasonably estimated. 
A contingent liability
is the result of a loss contingency.
is not disclosed in the financial statements.
definitely exists as a liability but its amount and due date are indeterminable.
is accrued even though not reasonably estimated.
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