If a company is in a region in which floods or earthquakes are deemed to be possible,the company should record a contingent liability.

Name: If a company is in a region in which floods or earthquakes are deemed to be possible,the company should record a contingent liability.
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Question

Quizplus · Accepted Answer

All businesses face uncertainties such as competition and damage from floods or storms.Such uncertainties are not contingent liabilities,however,because they do not arise from past events.

If a Company Is in a Region in Which Floods