An estimated liability 1 is an unknown liability of a, Ask an Expert

Accounting

An estimated liability:

1. Is an unknown liability of a certain amount.

2. Is a known obligation of an uncertain amount that can be reasonably estimated.

3. Is a liability that may occur if a future event occurs.

4. Is not recorded until the amount is known for certain.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9616918

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