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Contingent Liabilities

by Online Tutorial & Training Guide | Nov 11, 2025 | Chart of Accounts, Liabilities, Terminologies

Potential obligations that depend on future events, such as lawsuits or guarantees. Recorded if probable and estimable. Disclosed in notes if uncertain.

  • Contingent Liabilities
  • Sales Returns and Allowances
  • Useful Life
  • Credit Note
  • Freight and Shipping Expense
  • Interest Income
  • Direct Costs
  • Royalty Income
  • Variance Report
  • Accrual Basis Accounting

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