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Uncertainties such as natural disasters that could happen in the future: Multiple Choice Are contingent liabilities because they are future events arising from past transactions
Uncertainties such as natural disasters that could happen in the future:
Multiple Choice
Are contingent liabilities because they are future events arising from past transactions or events.
Are estimated liabilities because the amounts are uncertain.
Arise out of transactions such as debt guarantees.
Should be disclosed because of their usefulness to financial statements.
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