Contingent liabilities Required a. Give an example of a continge

Contingent liabilities


Required

a. Give an example of a contingent liability that is probable and reasonably estimable. How would this type of liability be shown in the accounting records?

b. Give an example of a contingent liability that is reasonably possible or probable but not reasonably estimable. How would this type of liability be shown in the accounting records?

c. Give an example of a contingent liability that is remote. How is this type of liability shown in the accounting records?


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