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A contingent liability: Select one A . Is always recorded at its maximum possible value. B . Is recorded only if the amount can be
A contingent liability: Select one A Is always recorded at its maximum possible value. B Is recorded only if the amount can be reasonably estimated and it is probable the liability will be incurred. C Is ignored in financial reporting until it becomes an actual liability. D Is only disclosed in the footnotes if the likelihood of the liability is remote.
A contingent liability:
Select one
A Is always recorded at its maximum possible value.
B Is recorded only if the amount can be reasonably estimated and it is probable the liability will be incurred.
C Is ignored in financial reporting until it becomes an actual liability.
D Is only disclosed in the footnotes if the likelihood of the liability is remote.
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