A Loss Contingency That Is Remote and Cannot Be Reasonably

question 69

Multiple Choice

A loss contingency that is remote and cannot be reasonably estimated

• A) may be disclosed in a note to the financial statements.
• B) must be disclosed in a note to the financial statements.
• C) must be reported in the body of the financial statements.
• D) is permitted to be reported in the body of the financial statements.

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Definitions:

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a feeling of contempt for other cultures.

Cultural Abstraction

The process of generalizing about cultures in ways that may overlook the complexities and variances within them.

Individualistic

Describes a social theory or attitude that emphasizes the moral worth of the individual over the collective.

Hip-hop

A cultural movement that includes rap music, dance, art, and fashion, originating in the 1970s in the Bronx, New York City.