Question: When a company has a contingent liability that is remote in likelihood, the company should: Multiple Choice include a description in the notes to the

When a company has a contingent liability that is remote in likelihood, the company should:
Multiple Choice
include a description in the notes to the financial statements.
record the amount of the liability times the probability of its occurrence.
record the amount of the liability as a long-term liability on the balance sheet.
exclude the information about the contingent liability from its financial statements and notes.
When a company has a contingent liability that is remote in

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