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In accounting for a contingent liability, if the likelihood of the obligation is remote, a company should Multiple Choice recognize the iability and report it
In accounting for a contingent liability, if the likelihood of the obligation is remote, a company should Multiple Choice recognize the iability and report it on the balance sheet provide disclosure in the footnotes to the tinancial statements. report an allowance account on the balance sheet do nothing
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
