The Disclosure of a Contingent Liability in the Footnotes and on the Balance

question 1

Multiple Choice

The disclosure of a contingent liability in the footnotes and on the Balance Sheet indicates that the potential for the obligation occurring is:

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

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Definitions:

Moved Away

The act of leaving a specific place or position to go to another location.

First Day

The initial day of a particular period or event.

Conclusion

A conclusion is a statement in an argument that logically follows from the premises offered in support of it; it's what the argument is trying to prove or establish.

Drywall

A building material used for making walls and ceilings, consisting of large flat sheets of gypsum board that is easy to install and paint.