Multiple Choice
According to FASB,when should a contingent liability be disclosed?
A) If it is reasonably possible you will lose the lawsuit.
B) Only if the amount can be estimated and the loss is remote.
C) If it is probable that the loss will occur,and the amount of the loss can be reasonably estimated.
D) A contingent liability should never be disclosed.
Correct Answer:
Verified
Correct Answer:
Verified
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