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Title: A contingency was evaluated at year-end and considered to have a reasonable possibility of becoming ... Post by: H3Ko on Sep 3, 2016 A contingency was evaluated at year-end and considered to have a reasonable possibility of becoming an actual liability. If this was not reported in the notes to the financial statements, what is the effect on the financial reporting of the company?
A) The liabilities on the balance sheet would be understated. B) The net income of the company would be understated. C) The information about the transaction would be inadequately disclosed in the notes. D) There would be no effect. Title: Re: A contingency was evaluated at year-end and considered to have a reasonable possibility of ... Post by: Tanks on Sep 3, 2016 Content hidden
Title: Re: A contingency was evaluated at year-end and considered to have a reasonable possibility of becoming ... Post by: H3Ko on Oct 12, 2016 YES! Can't believe I got this one right. Appreciate the confirmation
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