This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
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...
View Full Document
- Fall '08