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1. Give 6 Examples of Financial Liabilities a. Define each six financial liabilities. b. Give each six example transaction problems. c. Journalized each six transaction

1. Give 6 Examples of Financial Liabilities

a. Define each six financial liabilities.

b. Give each six example transaction problems.

c. Journalized each six transaction problems with description of the events.

2. Described briefly the difference between Contingent asset and Contingent liability. How it is presented in the Financial Statement?

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