Which of the Following Statements Concerning Contingencies Is True

question 25

Multiple Choice

Which of the following statements concerning contingencies is true?

• A)Contingent liabilities are always recorded in the body of the financial statements.
• B)Contingent liabilities are always disclosed in the footnotes to the financial statements.
• C)Contingent gains are sometimes disclosed in the body of the financial statements.
• D)Contingent gains are sometimes disclosed in the footnotes to the financial statements.

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Definitions:

Select Row

The action of highlighting or marking an entire row in a spreadsheet or table for further operations.

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The action or command to choose or highlight the entire table in a database or spreadsheet application for manipulation or formatting.

Text Wrapping

The way text can be displayed around, over, or below images or shapes, allowing for a seamless integration of text and graphical elements.

Shape Effect

Shape effect is a visual or graphic enhancement applied to geometric elements in digital graphics and design software to alter their appearance, including shadows, glows, and bevels.