Question: 7. When a possible obligation is remote in likelihood, a company should: A) Include a description in the foot notes to the financial statements. B)

7. When a possible obligation is remote in likelihood, a company should: A) Include a description in the foot notes to the financial statements. B) Record the amount of the liability times the probability of its occurrence. C) Record the estimated amount of loss as a provision on the balance sheet. D) Omit this information from its financial statements and footnotes

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