Which of the Following Items Would Not Be Identified If

question 30

Multiple Choice

Which of the following items would not be identified if a contingent liability were disclosed in a financial statement note?

• A) The nature of the item
• B) The expected outcome of the future event
• C) A numerical probability of the expected loss
• D) The amount of the contingency, if known

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Definitions:

Antitrust Legislation

Laws that are designed to protect trade and commerce from unfair practices, such as monopolies or cartels.

Lower Prices

A decrease in the cost at which goods or services are sold, enhancing affordability.

Better Products

Refers to goods that are of higher quality, more reliable, or offer greater value than competitors.

Market Power

The power of a firm to control the market price of its product. A monopoly has the greatest degree of market power.