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:

Evolutionary Significance

The importance or role of a trait, behavior, or structure in the survival and reproductive success of an organism across generations.

Human Agency

The capacity of individuals to act independently and make choices and decisions based on their free will.

Self-Determination

The process by which individuals control their own life, making choices and decisions independently.

Reformulated Needs Hierarchy

An updated version of Maslow's hierarchy of needs that considers individual variability and contextual factors.