No Mention Is Required in the Financial Statements for Contingent

question 149

Multiple Choice

No mention is required in the financial statements for contingent liabilities that are:

• A)probable.
• B)remote.
• C)possible.
• D)likely.

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Definitions:

Cultural-Familial Retardation

Refers to cognitive delays in individuals, often attributed to both genetic and environmental factors within families.

Heritability

The proportion of observable differences in a group that can be explained by differences in the genes of the group’s members.

Familiarity

The state of being easily recognizable or well-known to someone due to repeated exposure or experience.

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner.