A contingency was evaluated at year-end. Management felt it was probable that this would become an actual liability and the amount could be reasonably estimated. If this was not reported on the balance sheet or in the notes to the financial statements, what is the effect on the financial reporting of the company?
A) There would be no effect.
B) The liabilities on the balance sheet would be understated.
C) The information about the transaction would be inadequately disclosed in the notes.
D) The net income of the company would be understated.
B) The liabilities on the balance sheet would be understated.
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The tendency to remember recent information better than earlier information is called
A. the recency effect. B. a self-serving bias. C. the fundamental attribution bias. D. selective perception. E. stereotyping.
Identify the sentence that uses the present perfect progressive tense correctly
A) Charlene is feeling sick today. B) Charlene was sick. C) Charlene has been feeling sick lately. D) Charlene feels sick.
Management accounting
A) provides objective financial information B) must adhere to GAAP C) has no mandatory rules D) none of the other statements are true
About ________ text messages are sent within the United States every month
A) 7.3 billion B) 2.9 billion C) 3.8 billion D) 5.5 billion