What are contingent liabilities ? Are lawsuits against the firm contingent liabilities ?
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Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
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Contingent liabilities are dependent on an occurrence ...View the full answer
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Related Book For 
Financial Reporting And Analysis Using Financial Accounting Information
ISBN: 139
12th Edition
Authors: Charles H Gibson
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