Contingent Liabilities Are Disclosed in Financial Reports

question 33

Multiple Choice

Contingent liabilities are disclosed in financial reports:

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

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Definitions:

Homogenizing Headings

Refers to the process of making headings consistent in style or format across a document or group of documents.

Dominant

Holding a position of power, influence, or control in a particular society, culture, or group.

Whiteness

A socio-political concept referring to the social, economic, and political advantages that come with being identified as white in many societies.

Multiracial

Describing individuals or groups composed of or relating to people from more than one racial background.