A contingent liability that has a remote possibility of becoming an actual loss is included in a note to the financial statements.

Name: A contingent liability that has a remote possibility of becoming an actual loss is included in a note to the financial statements.
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Question

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A contingent liability with a remote possibility of becoming an actual loss is not typically disclosed in the financial statements. Only those with probable or reasonably possible outcomes are usually noted.

A Contingent Liability That Has a Remote Possibility of Becoming