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Hello Sir.
In my BPP revision kit it says that; Probable contingent liabilities should be disclosed is TRUE. I am a bit confused because I thought probable had to be provided for? The answer also says that if a contingent liability becomes probable, then it is no longer a contingent liability and should be provided for…
Thank you
If you are quoting exactly, then that statement is not true. It is your final sentence that is correct.
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