According to the Statement of Financial Accounting Standards No

question 2

Multiple Choice

According to the Statement of Financial Accounting Standards No. 5, "Accounting Contingencies," if the likelihood of a loss or payment is "remote," a contingent liability should be disclosed:

• A) On the balance sheet
• B) On the income statement
• C) In the footnotes to the financial statements
• D) None of the above

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Definitions:

Complimentary

Expressing a polite or flattering comment towards someone or something, or items given for free in connection with a purchase or promotional activity.

Product

A tangible good or intangible service that is offered to the market for acquisition, attention, use, or consumption and that might satisfy a want or need.

Question Approach

A sales technique involving the use of strategic questions to engage a potential client and uncover their needs or objections.

Problem-Solution Presentation

A method of selling where the salesperson highlights the issues the potential customer is facing and presents their product or service as the solution, effectively addressing the customer's needs.