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Austin Kincaid
on Nov 18, 2024

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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.
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SR
Samridh RahejaNov 20, 2024
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