If Management Can Estimate the Amount of Loss That Will

question 17

Multiple Choice

If management can estimate the amount of loss that will occur due to litigation against the company,and the likelihood of the loss is reasonably possible,a contingent liability should be

• A)Disclosed,but not reported as a liability.
• B)Disclosed and reported as a liability.
• C)Neither disclosed nor reported as a liability.
• D)Reported as a liability,but not disclosed.

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Definitions:

Devonian Period

An era known as the "Age of Fishes," characterized by significant evolutionary advancements in fish and the appearance of early amphibians, occurring from approximately 419 to 359 million years ago.

Gnetophytes

A phylum of gymnosperm plants with unique features distinguishing them from other gymnosperms.

Vessel Elements

Components of the xylem tissue in plants, responsible for water transportation throughout the plant.

Angiosperms

A group of plants that have flowers and produce seeds enclosed within a carpel; includes most of the world’s flora.