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What are the criteria for recording contingencies

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Reference no: EM131341060

Reading Concept Summary

Write a 260- to 350-word summary of this week's readings.

Describe major concepts you learned on Liabilities: Current or Long Term. Explain how to determine liability.

Distinguish between current and long-term liabilities as well as the reporting requirements for each.

• What is a contingency?
• Why are contingencies important to users of financial statements?
• What are the criteria for recording contingencies?

Explain how you can apply what you learned to your current or future workplace.

** INCLUDE AN INTRODUCTION AND A CONCLUSION **

Text book materials: Kieso, D.E., Weygandt, J.J., Warfield, T.D.(2016). Intermediate Accounting. (16th ed.). John Wiley & Sons.

Reference no: EM131341060

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