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LO4. How are contingent liabilities accounting for? a) In your own word, what is a contingent liability? b) What is a Remote Contingent Liability and

LO4. How are contingent liabilities accounting for? a) In your own word, what is a contingent liability? b) What is a Remote Contingent Liability and is it recorded? c) What is a Reasonably Possible Contingent Liability and is it recorded? d) What is a Probable Contingent Liability

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