Which Type of Contingent Liability Would Most Likely Be Reported

question 244

Multiple Choice

Which type of contingent liability would most likely be reported on a balance sheet prepared in accordance with GAAP?

• A)Remote contingent liability
• B)Reasonably possible contingent liability
• C)Probable contingent liability that can be estimated
• D)Quite likely contingent liability

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Definitions:

Catatonic Schizophrenia

A subtype of schizophrenia characterized by significant motor disturbances, ranging from physical immobility to excessive motor activity, and often accompanied by other symptoms such as echolalia or echopraxia.

Goes Rigid

The act of becoming extremely stiff or inflexible, often as a physical or emotional response.

Schizophrenia

A mental disorder characterized by delusions, hallucinations, disorganized speech, and impaired cognitive function.

Biological Factors

Components related to the biology of an organism, including genetic, neurochemical, and physical aspects, that influence behavior and health.