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Web practice all cards which of the following requires recording for contingent liabilities? The balances of the liability accounts must be reduced to zero to prepare the accounts for the next period. Financial accounting (acg 201) 15. None of these click the. What does the genrally accepted accounting principles (gaap) reduces confusion and provides external stakeholders with consistant and accurate financial statements. Chapter 3 the adjusting process; Chapter 7 accounting information systems; Chapter 4 the accounting cycle; Web chapter 1 introduction to accounting and business; Chapter 4 completing the accounting cycle;
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