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Which of the following accurately describes how contingent liabilities are reported on the BalanceSheet? A. Contingent liabilities are reported in the liabilities section. B. Contingent

Which of the following accurately describes how contingent liabilities are reported on the BalanceSheet?

A. Contingent liabilities are reported in the liabilities section. B. Contingent liabilities are disclosed in the footnotes only. C. Contingent liabilities are not reported. D. The accounting treatment for contingent liability could beA, B, or C depending on the likelihood of an actual obligation occurring

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