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33) A contingency is considered to have a remote possibility of becoming an actual liability. If this is not reported on the balance sheet or

33) A contingency is considered to have a remote possibility of becoming an actual liability. If this is not reported on the balance sheet or in the notes to the financial statements, what effect would it have on the firm's financial reporting? A) There would be no effect. B) The liabilities on the balance sheet would be understated. C) The information about the transaction would be inadequately disclosed. D) The firm's net income would be understated

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