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6. A contingent liability for which payment is reasonably possible generally a It is recorded as a debt in the Statement of Financial Position. b.

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6. A contingent liability for which payment is reasonably possible generally a It is recorded as a debt in the Statement of Financial Position. b. . disclosed in the notes to the financial statements. c. is recorded as a loss in the Statement of Income and Expenses. d. is completely omitted from the financial statements and notes

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