Multiple Choice
Which of the following statements concerning contingencies is true?
A) Contingent liabilities are always recorded in the body of the financial statements.
B) Contingent liabilities are always disclosed in the footnotes to the financial statements.
C) Contingent gains are sometimes recorded in the body of the financial statements.
D) Contingent gains are sometimes disclosed in the footnotes to the financial statements.
Correct Answer:
Verified
Correct Answer:
Verified
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