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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