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If your school has a subscription to the FASB Codification, go to http://aaahq.org/ ascLogin.cfm to log in and prepare responses to the following.
(a) What is the definition of current liabilities?
(b) What is the definition of a contingent liability?
(c) What guidance does the Codification provide for the disclosure of contingent liabilities?
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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