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There are 3 contingent liability categories specified in generally acceptable accounting principles (GAAP): probable, possible, and remote. In general, probable contingencies are more likely to occur and can be reasonably appraised. Possible contingencies are less likely to occur, but could still occur. Remote contingencies are not likely to occur.
Discuss the 2 primary differences between assets on the balance sheet.
Discuss reporting requirements for contingencies.
Explain 2 contingent liability examples.
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In Minnesota, legal statutes now prohibit smoking in almost all bars and restaurants. Discuss the costs and benefits associated with this Command and Control regulatory approach to reducing indoor pollution.
Explain the market arena in question is currently dominated by a major competitor with 80 percent of the market share and a number of smaller competitors are each focused on small niche segments
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What needs to be considered when employing new staff or inducting staff into new roles to meet organisational requirements?
Explain the law and gender in business
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