Which of the Following Contingencies Need Not Be Disclosed in the Financial

question 33

Multiple Choice

Which of the following contingencies need not be disclosed in the financial statements or the notes thereto?

• A)Probable losses not reasonably estimable
• B)Environmental liabilities that cannot be reasonably estimated
• C)Guarantees of indebtedness of others
• D)All of these must be disclosed.

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Definitions:

Unique Factor

A distinct element or characteristic that differentiates one object, situation, or individual from others.

Subjective Norms

Beliefs about whether important people approve or disapprove of a certain behavior, which can influence an individual's intention to engage in that behavior.

Transtheoretical Model

A theory of behavioral change that assesses an individual's readiness to act on a new healthier behavior, through stages like precontemplation, contemplation, preparation, action, and maintenance.

James Prochaska

A psychologist best known for his role in developing the Transtheoretical Model of behavior change.