Which of the following statements regarding contingencies is true?
a. Contingencies that are probable and not estimable appear on the balance sheet.
b. Contingencies that are probable and not estimable are disclosed in the notes to the financial statements.
c. Contingencies that are remote but estimable are disclosed in the notes to the financial statements.
d. Contingent assets are recorded on the balance sheet, but not in the notes to the financial statements.
b
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Which of the following situations would be covered by the liability section of an unendorsed PAP if the insured is legally liable?
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The network part of an IPv4 address is ________ bits long
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If a loss from sale or exchange of property between related parties is disallowed and the property is subsequently sold to an unrelated party,
A. An amended return may be filed to claim the loss previously disallowed. B. The unrelated party may claim the loss previously disallowed. C. The disallowed loss may be used to offset gain on the subsequent sale. D. The disallowed loss may be used if there is a further loss on the subsequent sale. E. The disallowed loss is lost forever.