Which one of the following correctly describes the circumstances
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Which one of the following correctly describes the circumstances in which a contingent liability should be recognized as a liability in the financial statements?
a. The chance of the future event occurring is remote.
b. The chance of the future event occurring is possible.
c. The chance of the future event occurring is probable.
d. The chance of the future event occurring is slight.
e. The chance of the future event occurring is more likely than not.
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