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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Contingent liabilities
Altria Group. Inc., has a note dedicated to describing contingent liabilities in its recent financial statements. This note includes extensive descriptions of multiple contingent liabilities. Go to the Web site hnp://www.sec.gov/edgar/searchedgar/companysearch.himl, enter MO as the ticker symbol, click on 10-K Documents, and click on Form 10-K. Using the Table of Contents and excerpts from the annual report, answer the following questions.
Based on your understanding of this company, why would Allria Group require a note on contingent liabilities?

To determine

Concept introduction:

Contingent LiabilitiesThose liabilities which depends on the occurrence of any event in the future due to happening of any event in past is known as contingent liabilities. These liabilities may occur or may not be. An example of contingent liability is the pending lawsuit against company which if goes against can damage the company very much.

The reason for note on contingent liabilities for A Group.

Explanation

The major business units for the group are tobacco and wine and these units are manufacturing many types of products in these groups.

Like in the unit of tobacco, the group is manufactur...

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