When obligation to pay is binding on account of a past event, it is recognized as (a)

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When obligation to pay is binding on account of a past event, it is recognized as

(a) Contingent liability

(b) Liability at historical cost

(c) Liability at fair value

(d) None of these

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Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

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Question Posted: Dec 18, 2023 10:56 AM

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When obligation to pay is binding on account of a past event, it is recognized as (a)

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b Liab...View the full answer

Financial Accounting

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