Ethics in Accounting” Please respond to the following:
- Use the Internet or Strayer online databases to review at least one (1) contingent liability footnote disclosure from a company’s annual report and financial statements. Then, discuss the disclosure(s) and determine whether or not the CFO should record contingent liabilities on the company’s balance sheet. Provide a rationale for your response.
SUMMARIZE, DO NOT COPY AND PASTE THE WORDING FROM THE CORPORATION’S NOTE TO THE FINANCIAL STATEMENTS: It violates proprietary information and copyright laws, even if the information is found on the Internet.