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:

Genital

Relating to the external organs of reproduction.

Latency

The period or delay between a stimulus and the response to it; often used in psychology and computing.

Archetypes

Emotionally charged images and thought forms that have universal meaning.

Latent Memory Traces

Dormant or hidden memories that are not currently active but can be accessed under certain conditions.