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Contingent Liability Footnote: Are All Liabilities Revealed?

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Why do you think the Altria Group Annual report has so much discussion of contingencies? Based on your brief review of the contingencies note, are you confident that Altria Group has reported all its liabilities? Why or why not?

Here is the footnote: http://thomson.mobular.net/thomson/7/2592/3076/

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https://brainmass.com/business/accounting-for-liabilities/contingent-liability-footnote-all-liabilities-revealed-356875

Solution Preview

Here is the link to the footnote:

http://thomson.mobular.net/thomson/7/2592/3076/

I put my answer in word so you can edit and re-write in your own words. This assignment is asking your opinion so alter whatever you need to make it your own view. This gets you started. I didn't use anything but the Footnote 21 from the 2007 Annual Report on the company website (see link above).

Altria's contingency footnote in their 2007 Annual Report, obtained from their company website under "investor relations," ...

Solution Summary

Footnotes can be difficult to read but they reveal important information. This discussion in everyday language reaches conclusions about liabilities based on the footnote mentioned.

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