No mention of the contingent liability needs to be made in the financial statements, if the probability of payment is:
A) remote.
B) probable.
C) reasonably possible.
D) not plausible.
Correct Answer:
Verified
Q37: What is the easiest way to identify
Q38: What does the Financial Accounting Standards Board
Q39: Which of the following is least important
Q40: Which of the following is commonly created
Q41: How is a contingent liability reported if
Q43: If marketable securities increase, then cash should
Q44: It is usually easier to detect inadequate
Q45: Why are overstated reserves sometimes referred to
Q46: Disclosure frauds occur through misrepresentations about the
Q47: What are pension liabilities?
A) Future liabilities resulting
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents