Match each of the following items with the term or phrase (a-g) that best describes it. Terms or phrases may be used more than once.
-Remote contingent liability
A)Current ratio
B)Working capital
C)Quick assets
D)Quick ratio
E)Record an accrual and disclose in the notes to the financial statements
F)Disclose only in notes to financial statements
G)No disclosure needed in notes to financial statements

Question

Quizplus · Accepted Answer

A remote contingent liability is one that is unlikely to occur, and therefore, no disclosure is needed in the notes to the financial statements.

Match Each of the Following Items with the Term or Phrase