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Unformatted text preview: Likelihood of future event is assessed as: Probable Reasonably possible Unlikely Accounting for Contingent Liabilities Likelihood Accounting Probable Record liability if amount can be estimated Reasonably Possible Include in notes to financial statements Unlikely Do not report Long-Term Liabilities: Bonds To raise capital, companies sell bonds to the public Bonds payable are groups of notes payable issued to multiple lenders, called bondholders...
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- Spring '08
- Financial Accounting