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:

Social Media

Social media encompasses digital platforms and technologies that enable users to create, share content, and participate in social networking.

Twitter

A social media platform that allows users to share short messages, known as tweets, to broadcast their thoughts, links, or media to followers.

Facebook

A social media platform that enables users to connect with friends and family, share photos, videos, and links, and join various groups and events.

Irate Customers

Customers who are extremely angry or frustrated, often expressing their dissatisfaction vocally.