Contingent liabilities must be recorded in the accounting records if they are probable and the amount can be reasonably estimated.

Name: Contingent liabilities must be recorded in the accounting records if they are probable and the amount can be reasonably estimated.
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Contingent liabilities should be recognized in the financial statements if it is probable that an outflow of resources will be required to settle the obligation and the amount can be estimated with reasonable certainty.

Contingent Liabilities Must Be Recorded in the Accounting Records If