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1. What are the two options to correct an error in the financial statement? Elaborate on the differences between the two options. 2. What is

1. What are the two options to correct an error in the financial statement? Elaborate on the differences between the two options.

2. What is a contingency? Further, explain the differences between a loss contingency and a gain contingency and their accounting treatment.

3. If a lawsuit occurred after the companys fiscal year-end and its litigation cost can be reasonably estimable, how will the company report this on its financial statement?

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