MCQ Which of the following statements is true? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. An annuity is a series of consecutive payments, each one a increasing by a fixed dollar amount over a payment amount of the prior year. b In real life, there is only one correct discount rate. A contingent liability that is "probable" and can be "reasonably estimated" must be accrued and reported as a liability. d Any contingent liability, regardless of probability of occurrence must be disclosed in a note to the financial statements