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Explain the rules that apply to liabilities

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Question - You are an employee in the accounting department of a company and you are given the task of preparing a memorandum for your supervisor where you discuss one of the items below with reference to the relevant standards and laws. Please note that both language and finishing will be taken into account when grading. Explain the rules that apply to liabilities, contingent liabilities and contingent assets.

Reference no: EM132724647

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