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A contingent liability a) is not disclosed in the financial statements. b) is accrued even though it cannot be reasonably estimated. c) definitely exists as
A contingent liability
a) is not disclosed in the financial statements.
b) is accrued even though it cannot be reasonably estimated.
c) definitely exists as a liability but its amount and/or resolution date are indeterminable.
d) is disclosed in the notes to the financial statements only, until it is resolved.
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