Disclosure of a Contingent Liability Is Usually Made

question 49

Multiple Choice

Disclosure of a contingent liability is usually made

• A) parenthetically in the body of the balance sheet.
• 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 statement.

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Definitions:

Civil Rights Movement

A historical struggle, particularly during the 1950s and 1960s in the United States, aimed at ending racial discrimination and securing legal rights for African Americans.

Relative Deprivation Theory

A theory of social movements that focuses on the actions of the oppressed groups seeking rights or opportunities already enjoyed by others in the society.

Structural Functionalism

A paradigm based on the assumption that society is a unified whole that functions because of the contributions of its separate structures.

Relative Deprivation Theory

The hypothesis that individuals or groups who perceive themselves as being disadvantaged compared to others may experience feelings of anger or resentment.