Contingent liabilities must be recorded if: The future event isreasonably possible but not estimable. The future event is probablebut not estimable. The amount owed cannot be reasonably estimated.The future event is remote. The future event is probable and theamount owed can be reasonably estimated.

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General Guidance Liabilities of a company are the obligations that the company has to fulfill Some of the liabilities are not certain in nature It depends on the future events Such liabilities are cal... View the full answer