Question: Question 8 A contingent liability must be disclosed in the body of the financial statements, including the expected dollar amount. can always be calculated with

Question 8

  1. A contingent liability

    must be disclosed in the body of the financial statements, including the expected dollar amount.

    can always be calculated with great precision (i.e., always has a definite amount).

    is not of interest to readers of financial statements.

    include liabilities for warranty repairs.

    is a potential liability that depends on a future event arising out of a past transaction.

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