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konstantin123 [22]
3 years ago
15

Accounting for contingent liabilities covers three possibilities:

Business
1 answer:
Anna71 [15]3 years ago
6 0

The correct answer is B: False

Further Explanation:

The above listed accounting for contingent liabilities are all incorrect.

The correct three categories that are used for accounting for contingent liabilities covers are;

  1. probable
  2. possible
  3. remote

The three possibilities for accounting for contingent liabilities coverage are;

  • a liability that may possibly occur in the future, such as a warranty or court dispute.
  • If (liabilities) are likely to happen and the cost can be estimated, it should be recorded with the accounting department.
  • All contingent liabilities must be recorded within the firm to be accurate and meet government and GAAP requirements.

Learn more about contingent liabilities at brainly.com/question/13770873

#LearnwithBrainly

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Many commuters in New York install radio frequency identification (RFID) devices on their cars that can be read automatically as
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Answer:

off-peak pricing

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3 years ago
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Answer:

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