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I thought this statement was True, could someone explain why it is false for me please? Thank you 6 We record a contingent liability when

image text in transcribed I thought this statement was True, could someone explain why it is false for me please? Thank you

6 We record a contingent liability when the likelihood of the loss occurring is reasonably possible and the amount is reasonably estimable. 0/2 points awarded True or False Scored X True False Print

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