The Disclosure of a Contingent Liability Only in the Footnotes

question 120

Multiple Choice

The disclosure of a contingent liability only in the footnotes designates that the possibility of an actual obligation occurring is:

• A)remote.
• B)possible.
• C)probable.
• D)certain.

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Definitions:

Nonrenewable Resources

Natural resources that cannot be replenished or replaced within a human lifespan, such as fossil fuels and minerals.

Squandered Resources

Resources that have been wasted or misused, often resulting in lost opportunities or damage.

Landscape Diversity

Variety of habitat elements within an ecosystem (e.g., plains, mountains, and rivers).

Species Diversity

A measure of biodiversity that refers to the variety of species within a particular region.