A Certain Contingent Liability Was Evaluated at Year-End,and Considered to Have

question 107

Multiple Choice

A certain contingent liability was evaluated at year-end,and considered to have a reasonable possibility of becoming an actual liability.If the accountant decided NOT to report it on the balance sheet or in the notes to the financial statement,what effect would this have on the financial reporting of the company?

• A) There would be no effect.
• B) The liabilities on the balance sheet would be understated.
• C) The information about the transaction would be inadequately disclosed in the notes.
• D) The net income of the company would be understated.

Distinguish symptoms specifically indicative of influenza.

Recognize symptoms uniquely related to allergies.

Understand the role of surfactant in lung function and its effect on alveolar inflation at birth.

Understand the anatomical and physiological changes in muscles due to aging.

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Definitions:

Divorce

The lawful dissolution of a marital union by a court or an authorized entity.

Stung

To feel a sharp, burning pain, often as a result of a bite or sting from an insect or plant.

Honeybee

A social insect, known for producing honey and beeswax, that plays a critical role in pollination.

Greenstick

A type of fracture in children where the bone bends and cracks, instead of breaking completely.