Contingent Assets Need Not Be Disclosed in the Financial Statements

question 57

Multiple Choice

Contingent assets need not be disclosed in the financial statements or the notes thereto if they are considered?

• A)Virtually certain.
• B)Probable.
• C)Likely.
• D)Possible but not probable.

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Definitions:

Landfills

Designated areas where waste is disposed of by burial, often compacted and covered with soil to prevent contamination of the environment.

Service Stations

Facilities where motorists can refill their vehicle's fuel tank, and often also contains a convenience store or mechanic shop for minor repairs.

Water Contamination

The presence of harmful chemicals, pollutants, or pathogens in water, making it unsafe for consumption or use.

Bangladesh

A country located on the Bay of Bengal in South Asia, characterized by lush greenery and many waterways.