Accounting Discussion current liability

 

Discussion Topic:

What is the difference between a current liability for an uncertain amount and a contingent liability? Give an example of each not found in the readings, pointing out how your examples are different. How are the accounting treatments different for liabilities of an uncertain amount and contingent liabilities?

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Important Note:

Your discussion post should be a minimum of 10 sentences to earn full credit.  If you struggle to find content for your initial discussion post, try incorporating other parts of the chapter or other reading material.  There is a lot of material discussed in the chapter that can be related to your post.  Discussion posts will be graded on content and length.  To earn full credit, be sure to address the topic and meet the minimum length requirement.