A contingent liability is a potential obligation that depends on a future event arising from a future transaction or event.
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Q3: A potential lawsuit claim is recorded when
Q5: Experience shows that when times interest earned
Q6: Debt guarantees are not usually disclosed as
Q7: A liability does not exist if there
Q8: Trade accounts payable are amounts owed to
Q9: Known liabilities are obligations set by agreements,
Q10: All expected future payments are liabilities.
Q10: Sales taxes payable is credited and cash
Q12: Uncertainties from the development of new competing
Q13: A single liability can be divided between
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