Under ASPE, the Following Should Not Be Disclosed in Notes

question 125

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 likelihood of occurrence 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:

Antisocial Personality Disorder

A mental health condition where a person consistently shows no regard for right and wrong and ignores the rights and feelings of others.

Conduct Disorder

A repetitive and persistent pattern of behavior in children and adolescents in which the rights of others or basic social rules are violated.

Impulsive Physical Aggression

The sudden, violent act towards others without premeditation, often as a result of impulsivity.

Childhood-onset Conduct Disorder

A mental disorder diagnosed in childhood or adolescence characterized by a repetitive and persistent pattern of behavior that violates the rights of others or societal norms.