Asked by
Austin Kincaid
on Nov 18, 2024Verified
Event is probable but amount is not estimable
Contingent Liability
A potential financial obligation that may arise in the future, depending on the occurrence or non-occurrence of one or more uncertain events.
Probable
A term often used in accounting and finance to describe an event or action that is likely to occur based on current evidence.
Not Estimable
describes a condition where the value or quantity of something cannot be accurately predicted or determined.
- Recognize and employ suitable accounting methods for contingent liabilities.
Verified Answer
SR
Learning Objectives
- Recognize and employ suitable accounting methods for contingent liabilities.