Generally, loss contingencies that are judged to be remote
A) Should be disclosed in the footnotes.
B) Should be recorded in the financial statements.
C) Should not be disclosed in the footnotes.
D) Should be recorded in the financial statements and the footnotes.

Question

Quizplus · Accepted Answer

Loss contingencies that are judged to be remote do not require disclosure in the footnotes, as they are considered unlikely to occur.

Generally, Loss Contingencies That Are Judged to Be Remote