True or false a certain contingent liability was evaluated, Ask an Expert

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True or False?? A certain contingent liability was evaluated at year end; the company felt it was probable that it would become an actual liability, and the amount could be reasonably estimated. if the accountant decided to report it on the balance sheet, this could be considered a violation of generally accpted accounting principles.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91765520

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