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One shortcoming of laboratory observation is that:
Net Income
The total profit of a company after all expenses and taxes have been deducted from total revenue, representing the company's bottom line.
Contingent Liabilities
Contingent liabilities are potential liabilities that may arise depending on the outcome of a future event.
Natural Disasters
Severe and sudden natural events caused by environmental factors that can result in substantial damage and pose significant risks to life, property, and economic stability.
Future Events
Prospective occurrences or situations that have not yet happened but may affect an entity's operations or financial performance in subsequent periods.
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