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

When a company has a contingent liability that is remote in likelihood, the company should:

A. include a description in the notes to the financial statements.

B. record the amount of the liability times the probability of its occurrence.

C. record the amount of the liability as a long-term liability on the balance sheet.

D. exclude the information about the contingent liability from its financial statements and notes.

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