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Questions and Answers
The most common type of liability is
The most common type of liability is
- One that comes into existence due to a loss contingency.
- One that must be estimated.
- One that comes into existence due to a gain contingency.
- One to be paid in cash and for which the amount and timing are known. (correct)
Flashcards
Common type of liability
Common type of liability
A liability where the amount and timing of the cash payment are known.
