Which of the Following Statements About Contingent Liabilities Is Incorrect

question 1

Multiple Choice

Which of the following statements about contingent liabilities is incorrect?

• A)A disclosure note is required when the loss is reasonably possible and the amount cannot be reasonably estimated.
• B)A disclosure note is required when the loss is probable and the amount can be reasonably estimated.
• C)A disclosure note is required when the loss is reasonably possible and the amount can be reasonably estimated.
• D)A disclosure note is required when the loss is remote and the amount can be reasonably estimateD.A disclosure note is not required when the loss probability is remote.

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Definitions:

Teenage Pregnancies

Situations where girls become pregnant during their teenage years, often presenting various social, economic, and health challenges.

Ethnic Groups

Populations that share common cultural traits, ancestry, language, history, and often, geographic origins.

Social Norms

Shared expectations and rules that guide behavior within a society or group, influencing how individuals act and interact.

Premarital Sex

Sexual activity engaged in by people before they are married.