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What is a contingent liability? List the three categories of contingent liabilities. Our contingent liabilities recorded on a companys books? Explain. What is the difference

What is a contingent liability? List the three categories of contingent liabilities. Our contingent liabilities recorded on a companys books? Explain. What is the difference in accounting procedures for liability that is probable an estimate a book and one that is reasonably possible but not us to Mobil?

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