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:

Elevation

The height of a location above a specific reference point, usually above sea level.

Deformation

The alteration of the shape or size of rocks due to stress or strain, including processes like folding, faulting, and shearing.

Subsidence

The sinking or settling of the Earth's surface, often due to natural geological processes or human activities.

Uplift

A process that causes regions of the Earth's surface to rise due to structural changes in the Earth's crust or mantle.