The $ amount loss will be classified to be known reasonably estimable.
Contingent liabilities are those which become certain due to some future events. they could be both implicit and explicit and could be predicted in many ways. So, liability like this also has a portion in the business and is kept in the business before those events happen.
These Liabilities are of three types;
The probable have the probability of occurrence of those repetitive events after a regular span while the possibility or possible liability is that which could occur as well as can't happen. while the last one is remote which could be controlled by the firm owner or the caretaker of the business.
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