1. What is a contingent liability? Why are contingent liabilities accounted for differently than contingent assets? 2. What is the difference between simple interest and compound interest? Is the...

1. What is a contingent liability? Why are contingent liabilities accounted for differently than contingent assets?

2. What is the difference between simple interest and compound interest? Is the amount of interest higher or lower when the interest is simple rather than compound?

May 26, 2022