Question

Multiple choice q
What will a contingency note contain?
A)A disclosure of all future commitments of the company
B)A set of criteria required to be able to recognize revenue
C)A disclosure of future contracts to be performed
D)A circumstance where a company may have a liability

Answer 1

Answer:

D] A circumstance where a company may have a liability

Answer 2

C) A disclosure of future contracts to be performed.

Explanation:

• A contingency note is the itinerary of measures that are adopted and crafted to assist a business or an establishment in reacting and acting rigorously for plans related to circumstances and happenings yet to take place in future.
• A contingency note is generally used or set up for times which need a reserved plan to act otherwise when a certain plan does not yield the desired results.
• The first option says A disclosure of all future commitments of the company which is wrong.
• The second option says A set of criteria required to be able to recognize revenue which is inappropriate as the definition of contingency note.
• The fourth option which says A circumstance where a company may have a liability is wrong as well.

Hence, the correct option is C) A disclosure of future contracts to be performed.

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