Which of the following items would not be included if a contingent liability were disclosed in the financial statements?
A) The nature of the item
B) Management's expected outcome
C) The amount of the contingency, if known
D) A numerical probability of the expected loss

Question

Quizplus · Accepted Answer

A numerical probability of the expected loss is not required or expected to be disclosed when a contingent liability is reported in the financial statements. The other options are typically included in the disclosure of a contingent liability.

Which of the Following Items Would Not Be Included If