Which Type of Contingent Liability Would Most Likely Be Reported

question 244

Multiple Choice

Which type of contingent liability would most likely be reported on a balance sheet prepared in accordance with GAAP?

• A)Remote contingent liability
• B)Reasonably possible contingent liability
• C)Probable contingent liability that can be estimated
• D)Quite likely contingent liability

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Definitions:

Ethical Decision-making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles, ensuring decisions align with values like fairness, justice, and beneficence.

Identifying Differences

The process of recognizing and acknowledging the distinct characteristics, attributes, or qualities between things or persons.

Workplace Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature in a professional setting.

Men

Adult human males, often discussed in various socio-cultural, psychological, or biological contexts.