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Unformatted text preview: liability and what are the relevant GAAP recommendations? Actual Liability: Generally, a definite obligation for a known amount arising from a past transaction Option: Book liability Contingent Liability: a potential future obligation to an outside party for an unknown amount resulting from activities that have already taken place Options: book, disclose, nothing...
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- Fall '08
- Derivative, attorney, unrecorded contingent liabilities