Contingent Liabilities Should Be Recorded as Liabilities on the Balance

question 8

Multiple Choice

Contingent liabilities should be recorded as liabilities on the balance sheet if the likelihood of loss or payment is "probable." If likelihood of loss is reasonably possible,_____.

• A)the liability may or may not be recorded in the footnotes to financial statements
• B)the contingent liability should be disclosed in the footnotes to the financial statements
• C)the liability should be disclosed in the footnotes as well as on the face of the financial statements.
• D)no mention of the liability needs to be made in the financial statements

---

Definitions:

Women's Movement

A social and political movement advocating for the rights and equality of women in various aspects of society, including voting rights, work conditions, and legal rights.

Protest Politics

The practice of using demonstrations, marches, and other forms of public protest as a means of expressing opposition or advocating political change.

Symbolic Reassurance

The act of providing comfort or confidence through gestures, statements, or symbols rather than tangible changes or actions.

Civil Disobedience

The act of intentionally breaking or refusing to comply with laws, regulations, or commands of the government as a form of peaceful political protest.