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What is a contingency, and how does it differ from a liab

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a. What is a contingency, and how does it differ from a liability?
b. Under what conditions should a contingency be reported as if it were a liability?
c. What are some examples of contingencies that a company might face? Explain.

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What is a contingency, and how does it differ from a liability is determined. Under what conditions should a contingency be reported as if it were a liability is discussed. Some examples of contingencies that a company might face are discussed and explained.

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a. What is a contingency, and how does it differ from a liability?
b. Under what conditions should a contingency be reported as if it were a liability?
c. What are some examples of contingencies that a company might face? ...

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