A contingent item that may eventually be placed on the right-hand side of the balance sheet or expensed on the income statement is a(n)

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Off-balance-sheet liabilities are items that are not reported on the balance sheet but may need to be accounted for in the future. Examples include lease commitments, warranties, and certain types of loan commitments. These items may eventually result in a liability being recorded on the balance sheet, or they may be expensed on the income statement.

A Contingent Item That May Eventually Be Placed on the Right-Hand