Under ASPE, the Following Should NOT Be Disclosed in Notes

question 81

Multiple Choice

Under ASPE, the following should NOT be disclosed in notes to the financial statements.

• A) If the contingency is unlikely and the chance of occurrence is small.
• B) If the contingency is likely but the amount of the loss cannot be reasonably estimated.
• C) If the existence of the contingent liability is not determinable.
• D) If the contingency is unlikely but it could have a substantial negative effect on the company's financial position.

---

Definitions:

Project Board

A visual management tool used for project planning and tracking purposes, often involving cards or notes to represent tasks and their status.

Positive Attitude

Maintaining an optimistic outlook and thinking favorably about situations and life in general.

Freshman Orientation

A program designed to introduce new college or university students to campus life, resources, and their academic programs.

Teams Course

A structured program designed to enhance the skills necessary for effective teamwork and collaboration.