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

question 66

Multiple Choice

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

• 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:

Defamation

A false statement made by one individual about another, which causes harm to the person’s reputation.

Truth

Conformity to fact or reality; accurate representation of a matter.

Privilege

A special right, advantage, or immunity granted to a particular person or group, often protected under law.

Defamatory Letter

A written communication that damages someone's reputation by making false and harmful statements.