Multiple Choice
Which of the following types of contingencies would NOT be disclosed on the financial statements until it has been resolved?
A) A lawsuit against our company and it is probable that we will lose
B) A lawsuit against our company and it is reasonably possible we will lose
C) A lawsuit we have filed against a competitor and it is probable that we will win
D) All of these must be disclosed on the financial statements
Correct Answer:
Verified
Correct Answer:
Verified
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