A Loss Contingency That Is Remote and Cannot Be Reasonably

question 69

Multiple Choice

A loss contingency that is remote and cannot be reasonably estimated

• A) may be disclosed in a note to the financial statements.
• B) must be disclosed in a note to the financial statements.
• C) must be reported in the body of the financial statements.
• D) is permitted to be reported in the body of the financial statements.

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Definitions:

African-American

A term referring to citizens or residents of the United States who have total or partial ancestry from any of the black racial groups of Africa.

Southern Democrats

A political faction that represented the interests of the South in the United States, historically associated with pro-slavery and segregationist policies.

Workers Compensation

A form of insurance providing wage replacement and medical benefits to employees injured during employment in exchange for mandatory relinquishment of the employee's right to sue their employer.

Labor Unions

Organizations that represent the collective interests of workers in negotiations with employers regarding wages, work conditions, benefits, and other aspects of employment.