If a contingency is remote, the company does not need to record a liability and does not need to ...

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8 years ago

If a contingency is remote, the company does not need to record a liability and does not need to ...

If a contingency is remote, the company does not need to record a liability and does not need to disclose it in the notes to the financial statements.
A) True
B) False

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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8 years ago

I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right

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