Disclosure of a Contingent Liability Is Usually Made

question 18

Multiple Choice

Disclosure of a contingent liability is usually made

• A)parenthetically, in the body of the balance sheet.
• 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:

Religious Training

Education or instruction in the beliefs, practices, and doctrines of a particular religion or faith tradition.

Health Care

Services provided by medical professionals to promote, maintain, or restore health, including preventive, diagnostic, therapeutic, and palliative interventions.

Divorce Hangover

Emotional and psychological challenges that persist after a divorce, affecting individuals' well-being and adjustment.

Unreasonable Demands

Requests or expectations from one party to another that are overly excessive and not feasible or fair under the circumstances.