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A contingency was evaluated at year-end and considered to have a reasonable possibility of becoming ...

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A contingency was evaluated at year-end and considered to have a reasonable possibility of becoming ...

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.

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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7 years ago

YES! Can't believe I got this one right. Appreciate the confirmation

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