Which of the Following Statements Is True

question 78

Multiple Choice

Which of the following statements is true?

• A)No loss contingencies should be disclosed if there is just a reasonable possibility of a loss.
• B)Indirect guarantees should normally be accrued.
• C)In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known.
• D)Losses may be accrued for unasserted claims and other potential unfiled lawsuits.

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Definitions:

Brushstrokes

The marks left by a painting brush on a surface, which can vary in technique, texture, and thickness, contributing to the stylistic and expressive qualities of a painting.

Rough

Characterized by an uneven or irregular surface; not smooth or refined in texture or sound.

Moses

A key figure in the Abrahamic religions, regarded as a prophet, lawgiver, and leader who delivered the Israelites from Egyptian slavery and received the Ten Commandments from God.

Monument

A structure erected to commemorate a famous or important person or event, often significant in historical or cultural contexts.