Which of the Following Statements Is True

question 28

Multiple Choice

Which of the following statements is true?

• A)An off-balance-sheet item is recorded on the balance sheet of a financial institution when the annual report is being prepared.
• B)An off-balance-sheet liability is an item that moves onto the liability side of the balance sheet when a contingent event occurs.
• C)An off-balance-sheet asset is an item that moves onto the asset side of the balance sheet when a contingent event occurs or at the end of a financial period.
• D)All of the listed options are correct.

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