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A Contingent Liability Is Recorded in the Accounting Records When

question 64

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A contingent liability is recorded in the accounting records when it is probable that a loss has been incurred and the amount of the loss is known.


Definitions:

Funding

The act of providing financial resources to support a project, business, or idea.

Key Partners

Strategic relationships with other businesses or entities that are essential to the success and operations of a company or organization.

Key Activities

The essential tasks or operations that must be carried out to deliver a company's value proposition to its customers.

Key Resources

The essential inputs and assets necessary for a business or organization to operate effectively and achieve its goals.

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