Contingent Liabilities Whose Ultimate Payment Is Highly Probable and Can

question 52

Multiple Choice

Contingent liabilities whose ultimate payment is highly probable and can be reasonably estimated must be

• A)ignored until actual payment is made.
• B)disclosed only in the footnotes to the financial statements.
• C)recorded in the body of the balance sheet.
• D)disclosed in the auditor's report.

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Definitions:

Developmentally Appropriate

Practices that are suited to the age, individual needs, and developmental stage of children, often used in educational contexts.

Toddlers

Young children, typically between the ages of one and three, who are in the early stages of walking and developing verbal skills.

Share

To divide and distribute resources or experiences among a group, or to have a portion of something.

Separation

The action or state of moving or being moved apart, often used in contexts involving personal relationships, physical spaces, or psychological processes.