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Explain current liabilities. Why is it important to distinguish between current and long-term liabilities? What is contingent liability? How are contingent liabilities accounted for versus

Explain current liabilities. Why is it important to distinguish between current and long-term liabilities?

What is contingent liability? How are contingent liabilities accounted for versus contingent assets? Should contingent liabilities be accounted for if we aren't certain of the amount?

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