Answered: contingency that need not be disclosed…

Business

Accounting

contingency that need not be disclosed in the financial statements

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A contingency that need not be disclosed in the financial statements or in the notes thereto is:

a. pending litigation.

b. possibility of strike.

c. deficiency tax assessment.

d. note receivable discounted.

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