Use the Following Key (A-D) to Identify the Proper Treatment

question 24

Multiple Choice

Use the following key (a-d) to identify the proper treatment of each contingent liability.
-Event is probable but amount is not estimable

• A)Record only
• B)Record and disclose
• C)Disclose only
• D)Do not record or disclose

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Definitions:

Fresh Water

Fresh water is water with a low salt concentration, found in rivers, lakes, streams, and underground aquifers, essential for drinking, agriculture, and industry.

Scarce Resource

A resource that is limited in availability and can be used up or depleted, making it valuable and subject to economic study for optimal use.

Unlimited Wants

The economic concept that humans have endless desires for goods and services.

Good

A tangible product used to satisfy human wants.