A contingent liability that has a remote probability of occurrence must be disclosed in a note to the ﬁnancial statements.

Name: A contingent liability that has a remote probability of occurrence must be disclosed in a note to the ﬁnancial statements.
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Question

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Contingent liabilities that have a remote probability of occurrence do not need to be disclosed in the notes to the financial statements. Only those that have a reasonable possibility or are probable must be disclosed.

A Contingent Liability That Has a Remote Probability of Occurrence