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Chyanne Henley
on Nov 13, 2024

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Event is probable and amount is estimable

A) Record only
B) Record and disclose
C) Disclose only
D) Do not record or disclose

Contingent Liability

A potential financial obligation that may occur in the future depending on the outcome of a specific event.

Probable Event

An event that is likely to occur based on current evidence or past experience.

Estimable Amount

A quantifiable sum that can be accurately predicted or approximated in the accounting records.

  • Recognize and report on contingent liabilities.
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Oumayma Ben YoussefNov 18, 2024
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