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5: 10 points Explain what is meant in accounting by commitments with respect to financial reporting. Also explain what is meant in accounting by contingencies
5: 10 points Explain what is meant in accounting by commitments with respect to financial reporting. Also explain what is meant in accounting by contingencies with respect to financial reporting b) Summarize how commitments are reported under GAAP. Also summarize how contingencies are reported under GAAP. Answers should be written in complete sentences in proper English, and should be written concisely
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