Week 5 discussion Dq1 Contingent Liabilities Define

Week 5 discussion Dq1 Contingent Liabilities Define

Week 5 discussion
Dq1
Contingent Liabilities
Define contingent liability. What is the criteria to determine whether or not to report the contingency on financial statements? What supporting documentation is required? Please provide a detailed example of a contingent liability.
Dq2
Current Liabilities
Please identify a type of current liability. For the current liability you select, please identify the general rule on reporting the current liability on the financial statement.
 

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