Disclosure of a Contingent Liability Is Usually Made

question 231

Multiple Choice

Disclosure of a contingent liability is usually made

• A) parenthetically, in the body of the statement of financial position.
• 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 statements.

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Definitions:

Phillips Curve

An economic theory that suggests an inverse relationship between the rate of inflation and the rate of unemployment within an economy.

Government Policy

The actions, laws, or regulations established by governments to guide economic, social, and administrative issues.

Money Supply

The total financial resources available within an economy at a given time frame.

Job Offers

Proposals from employers to prospective employees to begin employment under specified conditions.