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A liability is a future obligation and a current liability is a future obligation that is due within 1 year. A contingency can result in

A liability is a future obligation and a current liability is a future obligation that is due within 1 year. A contingency can result in gain or loss. 1. What are the criteria to determine whether to report the contingency in financial statement? 2. Provide a detailed example of a contingent liability in a publicity traded organization

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