Which of the following statements is correct? (a) A contingent liability may be accounted for if its
Question:
Which of the following statements is correct?
(a) A contingent liability may be accounted for if its occurrence is certain
(b) A contingent liability should always be disclosed in a note
(c) A contingent liability should be disclosed as a note, unless its occurrence is remote
(d) A contingent liability may always be ignored
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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