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Jaimie Adams
on Nov 13, 2024

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Event is remote and amount is not estimable

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

Contingent Liability

A possible monetary liability that could arise based on the result of an upcoming event.

Estimable

Capable of being estimated or approximated in quantity or degree.

Remote Event

An event or condition with a very low chance of occurring, often considered insignificant in financial forecasting and analysis.

  • Identify and account for contingent liabilities.
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Thala ParthibanNov 18, 2024
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