You are considering buying a company. You are aware that sometimes liabilities are not disclosed in the

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You are considering buying a company. You are aware that sometimes liabilities are not disclosed in the Statement of Financial Position.

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a) Give five examples of liabilities that may not be explicitly stated in the Statement of Financial Position.

b) Explain for each of the above why it is said to be a liability.

Related Book For answer-question

Financial Accounting and Reporting a Global Perspective

ISBN: 978-1408076866

4th edition

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

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Posted Date: Jul 24, 2023 05:28 AM

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You are considering buying a company. You are aware that sometimes liabilities are not disclosed in the

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Expert Answer:

a Here are five examples of liabilities that may not be explicitly stated in the Statement of Financial Position 1 Contingent Liabilities These are po... View the full answer

Financial Accounting and Reporting a Global Perspective

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