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Case 7-1
Priscilla is providing the junior analysts, in her firm, on the team with some real-world illustrations to explain some of the recommendations that they must be prepared to make to clients, based on what they have studied in their coursework, in order to solidify their understanding.
-Which of the following is a reason Priscilla would offer as a reason for in-house software development?
Disclosure Note
Supplementary information provided in financial statements offering additional context or explanation about the figures presented, enhancing transparency.
Contingent Liability
A potential financial obligation that may arise in the future depending on the outcome of a specific event.
Reasonably Possible
A term used in accounting and law to indicate that a future event or condition has a chance of occurring.
Liability
A company's financial debt or obligations that arise during the course of its business operations.
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