Asked by
Jinnie mae Caguioa
on Nov 14, 2024
Verified
A contingent liability is a liability that may occur if some future event takes place.
Contingent Liability
A potential liability that may become an actual liability in the future.
- Identify the standards and methods for accounting for contingent liabilities.
Verified Answer
AY
Learning Objectives
- Identify the standards and methods for accounting for contingent liabilities.