1. Discuss Nortel's accounting for the following transactions and why they were not in conformity with GAAP:...
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• Revenue recognition
• Reserve accounting
• Accounting for contingent liabilities
Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
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Revenue Recognition Accelerated revenue into an earlier period by pulling forward revenue to the las...View the full answer
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Related Book For 
Ethical Obligations and Decision Making in Accounting Text and Cases
ISBN: 978-1259730191
4th edition
Authors: Steven Mintz, Roselyn Morris
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