Which of the following items would not be identified if a contingent liability were disclosed in a financial statement footnote?
A) The nature of the item
B) The expected outcome of the future event
C) A numerical probability of the expected loss
D) The amount of the contingency if known

Question

Quizplus · Accepted Answer

A financial statement footnote for a contingent liability may disclose the nature of the item, the expected outcome of the future event, and the amount of the contingency if known. However, it would not disclose a numerical probability of the expected loss because such an estimate is often difficult to determine and is therefore not typically included in the disclosure.

Which of the Following Items Would Not Be Identified If