Which of the following items listed provide the best opportunity to find contingent liabilities that should be recorded
a. Tips and complaints
b. Lifestyle symptoms
c. Documentary symptoms
d. Analytical symptoms
c
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Correct. Symptoms of possible underrecording include identification of lawsuits by attorneys; payments to attorneys without acknowledged litigation; etc.
d. Incorrect. Analytical symptoms are usually not particularly helpful in discovering unrecorded contingent liabilities.
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