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Which of the following statements about contingent assets and contingent liabilities are correct? A. No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required. B. No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote. C. A contingent asset should be disclosed by note if an inflow of economic benefits is probable. D. A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made. |