Where Are Contingent Liabilities Required to Be Disclosed in the Financial

question 34

Multiple Choice

Where are contingent liabilities required to be disclosed in the financial reports?

• A) in the notes to the financial reports.
• B) in the financial expense section of the income statement.
• C) in the liability section of the balance sheet.
• D) as deductions from the asset accounts they relate to.

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Definitions:

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Roger Sperry

A neuropsychologist and neurobiologist who was awarded the Nobel Prize for his work on the split-brain, which helped advance understanding of the lateralization of the brain.

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