A contingent liability exists when a liability is: a. Probable and can be reliably estimated b. Probable
Question:
A contingent liability exists when a liability is:
a. Probable and can be reliably estimated
b. Probable but cannot be reliably estimated
c. Not probable or it cannot be estimated
d. None of the above.
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c Not pr...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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