Examlex
Given the information below, conduct an ABC analysis and suggest which items should be classified as A, B and c.
Interest Charged
The cost incurred for borrowing money or the amount earned on deposited funds, usually expressed as a percentage of the principal.
Contingent Liability
A potential financial obligation that may arise depending on the outcome of a future event.
Contingent Liabilities
Liabilities that may arise from past transactions if certain events occur in the future.
Interest Expense
The cost incurred by an entity for borrowed funds; interest expense is a non-operating expense shown on the income statement.
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