Indicate whether each of the following related to an airline company relates to (a) Contingency (b) Commitment:
Question:
(a) Contingency
(b) Commitment:
1. The company has agreed to purchase 10 new airplanes over the next three years.
2. The company has a lawsuit pending against it.
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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