A Contingency Liability That Is Remote

question 113

Multiple Choice

A contingency liability that is remote

• A) should be disclosed in the financial statements.
• B) must be accrued as a loss.
• C) does not need to be disclosed.
• D) is recorded as a contingent liability.

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Definitions:

Sexually Victimized

Individuals who have experienced sexual harm or abuse.

American Girls

Typically refers to female children and adolescents who are citizens or residents of the United States, with diverse cultural, ethnic, and social backgrounds.

Underreporting

The failure to report all instances of a particular event or condition, leading to less accurate data or understanding.

Sexual Abuse

Involves forced or unwanted sexual activity or exploitation, including harassment, assault, and rape, often by someone known to the victim, infringing upon the individual's freedom and bodily integrity.