No Mention of the Contingent Liability Needs to Be Made

question 14

Multiple Choice

No mention of the contingent liability needs to be made in the financial statements,if the probability of payment is _____.

• A)"remote"
• B)"probable"
• C)"reasonable possible"
• D)"not plausible"

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Definitions:

Radiopaque

Describes substances that do not allow the passage of X-rays or other forms of radiation, thereby appearing white or light on radiographic images.

Ankylosis

The abnormal stiffening and immobility of a joint due to fusion of the bones.

Acetabulum

The socket in the pelvic bone that receives the head of the femur, forming the hip joint.

Achondroplasia

A genetic disorder characterized by dwarfism due to an abnormality in the conversion of cartilage into bone, particularly in the long bones.