Disclosure of a Contingent Liability Is Usually Made

question 231

Multiple Choice

Disclosure of a contingent liability is usually made

• A) parenthetically, in the body of the statement of financial position.
• B) parenthetically, in the body of the income statement.
• C) in a note to the financial statements.
• D) in the management discussion section of the financial statements.

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Definitions:

Motor Coordination

The ability to use different parts of the body together smoothly and efficiently to perform movements.

Sedatives

Substances used to induce calmness, reduce anxiety, or help induce sleep by depressing the central nervous system's activity.

Accidental Injury

Physical harm or damage to a person resulting from unexpected or unplanned actions or events.

Physical Dependence

A physiological state of adaptation to a specific substance, leading to withdrawal symptoms when that substance is reduced or stopped.