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Rosalia is trying to code out a surgery note, but the handwriting is very poor, and the terms look very much the same. Which statement makes sense? (Hint: Understanding the suffixes will help you answer this question. Assume that Mrs. Horton had a surgery procedure performed.)
Deferred Liability
A liability that is recorded on the balance sheet and represents a future obligation to pay, such as taxes payable in the future.
Contingent Liability
A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the company's control.
Possible Obligation
A potential future outflow of resources embodying economic benefits, arising from past events, whose existence will be confirmed only by uncertain future events.
Uncertain Future Event
A potential occurrence or situation whose outcome cannot be predicted with certainty, often impacting planning and decision-making.
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