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Select all that apply Which of the following statements are true? There are three categories of contingent liabilities. Contingent liabilities represent losses; the contingency is
Select all that apply
Which of the following statements are true?
There are three categories of contingent liabilities.
Contingent liabilities represent losses; the contingency is about the amount.
A contingent liability is a potential obligation arising from a past event.
The amount or existence of a contingent liability depends on some future event.
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