Which of the Following Statements Is Not True

question 35

Multiple Choice

Which of the following statements is not true?

• A)Loss contingencies should be disclosed if there is just a reasonable possibility of a loss.
• B)Indirect guarantees should normally be disclosed by footnote, not by accrual.
• C)In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known.
• D)Losses may be accrued for unasserted claims and other potential unfiled lawsuits.

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Definitions:

Ku Klux Klan

A white supremacist hate group in the United States, known for racist terrorism, including lynching and intimidation against African Americans and other minority groups.

Unregulated Capitalism

An economic system without governmental oversight and control, where the free market dictates prices, production, and distribution of goods and services.

Cosmopolitan Character

The quality of being familiar with and at ease in many different countries and cultures, often associated with an openness to new ideas and diversity.

Treaty of Versailles

The peace treaty that officially ended World War I in 1919, imposing significant reparations and territorial changes on Germany.