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QUESTION 5 a. What are the main characteristics of liabilities? b. How is Value Added Tax recorded in Turkey? Is it considered an expense of

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QUESTION 5 a. What are the main characteristics of liabilities? b. How is Value Added Tax recorded in Turkey? Is it considered an expense of a business? Why or why not? c. What is a contingent liability? Provide some examples of contingencies. d. What are bonds? What are the types of bonds in Turkey? What are the legal regulations relating to bonds in Turkey? Which institutions can issue bonds

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