A basic difference between loss contingencies and real liabilities is: a. Liabilities stem from past transactions; loss

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A basic difference between loss contingencies and "real" liabilities is:

a. Liabilities stem from past transactions; loss contingencies stem from future events.

b. Liabilities always are recorded in the accounting records, whereas loss contingencies never are.

c. The extent of uncertainty involved.

d. Liabilities can be large in amount, whereas loss contingencies are immaterial.

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Financial & Managerial Accounting

ISBN: 9780073526997

15th Edition

Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

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Question Posted: May 19, 2024 04:02 AM

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A basic difference between loss contingencies and real liabilities is: a. Liabilities stem from past transactions; loss

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Financial & Managerial Accounting

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