Under AASB 119, leave entitlements that may be carried forward to a future financial period if unused are referred to as: Select one: O a non-accumulating unpaid absences O b. accumulating unpaid absences Oc accumulating paid absences d. non-accumulating paid absences

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.