Multiple Choice
Cress Company is involved in a lawsuit. Note disclosure of the contingent liability which could arise does NOT have to be presented if the probability of Cress owing money as a result of the lawsuit is which of the following?
A) Reasonably possible and the amount cannot be reasonably estimated.
B) Probable and the amount cannot be reasonably estimated.
C) Remote and the amount cannot be reasonably estimated.
D) Reasonably possible and the amount can be reasonably estimated.
Correct Answer:
Verified
Correct Answer:
Verified
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