Which of the following is true? a. A contingent liability should always be recorded in the footnotes
Question:
Which of the following is true?
a. A contingent liability should always be recorded in the footnotes to the financial statements.
b. A contingent liability should always be recorded within the financial statements.
c. A company can choose to record a contingent liability either within its financial statements or in the footnotes to the financial statements.
d. No journal entries or footnotes are necessary if the possibility of a contingent liability is remote.
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Related Book For
Cornerstones Of Financial Accounting Current Trends Update
ISBN: 9781111527952
1st Edition
Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen
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