Our topic today is contingent liabilities. We will look at the accounting treatment of contingent liabilities and how it depends on the likelihood of occurrence and its measurement. We will also look at several examples.
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The textbook used in this video: Financial Accounting, Jan R. Williams. Publisher: McGraw-Hill. Chapter 10.

Additional resources: [ Ссылка ]

Timeline:
00:00 Introduction
00:27 Definition of Contingent Liabilities
00:38 Accounting for Contingent Liabilities Depends on Two Factors: Likelihood of Occurrence and Measurement
00:49 Likelihood of Occurrence: Probable, Reasonably Possible, and Remote
01:04 Measurement: Estimable or Not Estimable (for Probable Likelihood of Occurrence)
01:15 Probable & Estimable
01:29 Probable & Not Estimable
01:56 Reasonably Possible
02:08 Remote
02:17 Example 1
03:25 Example 2
04:44 Recommended Playlists and Videos

American Modern School of Accounting is a nonprofit online vocational school that offers several programs helping adult learners to start or advance their careers in bookkeeping and accounting.
We offer the following programs:
• Certificate in Computerized Accounting with QuickBooks
• Certificate in Computerized Bookkeeping with QuickBooks
• Certificate in Computerized Bookkeeping with QuickBooks (Budget Plan)
For more information, visit our website: [ Ссылка ]

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