Why is it important to classify a portion of long-term debt on a yearly
basis as a current liability?
What is the implication of misclassifying a liability as current or long-
term?
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ACC 422 Week 4 DQ 2
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What is a contingency?
Why are contingencies important to users of financial statements?
What are the criteria for recording contingencies?
Should companies record a liability for threatened litigation? Explain
why or why not.
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ACC 422 Week 4 DQ 3
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What is a bond? What are some features of a bond? How do you value
bonds? What factors can affect that value?
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ACC 422 Week 4 Team Assignment Financial Scavenger Hunt
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