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A contingent liability is a potential liability

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Reference no: EM13758820

A contingent liability is a potential liability whose realization depends upon the future outcome of an event.

Consider the features of contingent liabilities and respond to the following:

  • Explain how contingent liabilities impact financial decisions. Give examples.  
  • Keep in mind: The impact of contingent liabilities on financial decisions is accurately identified and explained with pertinent examples. 

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Reference no: EM13758820

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