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  3. in accounting for a contingent liability, if the l

In accounting for a contingent liability, if the likelihood of the obligation is reasonably possible,...

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Accounting

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In accounting for a contingent liability, if the likelihood of the obligation is reasonably possible, a company must Multiple Choice recognize the liability and report it on the balance sheet. provide disclosure in the footnotes to the financial statements. not recognize or disclose the liability until it is certain and the exact amount is known. do nothing

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