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Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities

Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments.

Required

a. Distinguish between contingent liabilities and commitments and explain why both are important in an audit.
b. Describe how Johnson

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