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1. What are the two options to correct an error in the financial statement? Elaborate...

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Accounting

1. What are the two options to correct an error in the financial statement? Elaborate on the differences between the two options.

2. What is a contingency? Further, explain the differences between a loss contingency and a gain contingency and their accounting treatment.

3. If a lawsuit occurred after the companys fiscal year-end and its litigation cost can be reasonably estimable, how will the company report this on its financial statement?

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