Asked by
Marquise Dorcent
on Nov 18, 2024Verified
Event is remote and amount is estimable
Contingent Liability
A potential financial obligation that may arise in the future depending on the outcome of a specific event.
Remote
Pertaining to work or activities done away from a central office or location, often implying the use of technology to facilitate communication and task completion.
Estimable
The ability to be estimated or quantified, often used in contexts where financial figures or outcomes need to be projected or approximated.
- Ascertain and use correct accounting treatments for contingent liabilities.
Verified Answer
AG
Learning Objectives
- Ascertain and use correct accounting treatments for contingent liabilities.