According to FASB,when Should a Contingent Liability Be Disclosed

question 1

Multiple Choice

According to FASB,when should a contingent liability be disclosed?

• A)If it is reasonably possible you will lose the lawsuit.
• B)Only if the amount can be estimated and the loss is remote.
• C)If it is probable that the loss will occur,and the amount of the loss can be reasonably estimated.
• D)A contingent liability should never be disclosed.

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to what is considered the norm or standard in a group.

Social Pressure

The influence exerted by society or social groups on individuals to conform to certain behaviors or attitudes.

Collectivism

A cultural value that emphasizes the importance of the group over individual achievements.

Demonstrated Conformity

A behavior change designed to match the actions of others, typically influenced by the perceived need for acceptance.