Which of the Following Statements About Contingent Liabilities Is Incorrect

Multiple Choice

Which of the following statements about contingent liabilities is incorrect?

A) A disclosure note is required when the loss is reasonably possible and the amount cannot be reasonably estimated.
B) A disclosure note is required when the loss is probable and the amount can be reasonably estimated.
C) A disclosure note is required when the loss is reasonably possible and the amount can be reasonably estimated.
D) A disclosure note is required when the loss is remote and the amount can be reasonably estimated.