Distinguish between contingent liabilities and commitments and explain why both are important in an audit.

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Posted Date: Mar 21, 2019 10:36 AM

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Distinguish between contingent liabilities and commitments and explain why both are important in an audit.

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Contingent liability is basically a potential future obligation to an external party for an unknown ... View the full answer

Intermediate Accounting

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