Why are Current Maturities of Long-Term Debt separated? Accounting for Contingent Liabilities Describe a contingent liability Two requirements for recognition of a contingent liability (explain each) 1. 2. Define four treatments of contingent liabilities and describe entry for contingent liability? Probable and estimable Probable and inestimable Reasonably possible

Two requirements for recognition of a contingent liability (explain each) 1. 2. Define four treatments of Contingent liabilities and describe entry for contingent liability? - Probable and estimable - Probable and inestimable - Reasonably possible