What are the differences between determinable, estimated, and contingent liabilities ?
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Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
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A determinable liability has a known amount payee and due date An estimated lia...View the full answer
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Related Book For 
Accounting Principles Part 2
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Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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