Which of the Following Items Would Not Be Included If

question 173

Multiple Choice

Which of the following items would not be included if a contingent liability were disclosed in the financial statements?

• A) The nature of the item
• B) Management's expected outcome
• C) The amount of the contingency, if known
• D) A numerical probability of the expected loss

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Definitions:

Percent Saturation

The ratio of the current amount of a substance to the total possible amount of that substance that could be held, absorbed, or dissolved by a solution.

Partial Pressure

The pressure exerted by a single type of gas in a mixture of gases.

Hemoglobin

A protein in red blood cells responsible for carrying oxygen from the lungs to the body's tissues and returning carbon dioxide to the lungs.

Globin Portion

Part of the hemoglobin molecule consisting of globular proteins bound to heme, facilitating oxygen transport in the blood.