Please see Contingent Liabilities page 474-476. What are they? Why should a company disclose a

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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B13).

 

Please see Contingent Liabilities
page 474-476. What are they?
Why should a company disclose a
contingent liability? Would you
invest in a company that has a
$1000 tax liability with the IRS?
How about a $5 million pending
lawsuit for defective parts? Please
discuss ethical issues here as well.
Transcribed Image Text:Please see Contingent Liabilities page 474-476. What are they? Why should a company disclose a contingent liability? Would you invest in a company that has a $1000 tax liability with the IRS? How about a $5 million pending lawsuit for defective parts? Please discuss ethical issues here as well.
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