Which of the Following Types of Contingencies Would NOT Be

question 59

Multiple Choice

Which of the following types of contingencies would NOT be disclosed on the financial statements until it has been resolved?

• A) A lawsuit against our company and it is probable that we will lose
• B) A lawsuit against our company and it is reasonably possible we will lose
• C) A lawsuit we have filed against a competitor and it is probable that we will win
• D) All of these must be disclosed on the financial statements

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Definitions:

Partisan Organization

A group or entity aligned with a specific political cause or ideology, often working towards advancing those specific political or social agendas.

Terrorist Bands

Groups that engage in acts of terrorism, using violence and intimidation to pursue political goals.

Presidential Reconstruction

The period immediately following the Civil War, wherein Presidents Abraham Lincoln and Andrew Johnson attempted to reintegrate the Southern states back into the Union with minimal changes to their social systems.

Enfranchisement

The act of giving someone the right to vote in political elections.