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Generally Accepted Accounting Principles (GAAP) MCQs

What is a contingency in general?

Typically an asset purchase which depends on the expenses for the period

A pending lawsuit already filed

Potential liabilities with a strong probability that it will happen

Changes in equity

Answer

Correct Answer: Potential liabilities with a strong probability that it will happen

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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