Which of the following groups has the responsibility for identifying and deciding the appropriate accounting treatment for recording or disclosing contingent liabilities?
a) auditors
b) legal counsel
c) management
d) management and the auditors

C. Management

Explanation:

The Management of an organisation is primarily responsible for preparing the financial statements for that organisations to be consumed by relevant parties including the shareholders, the government and the society at large.

It is the responsibility of the Auditor to ensure that the prepared financial statement shows a true and fair state of the business for the period presented.

A contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event. A contingent liability is expected to be reported in the financial statement if it is likely to occur and can be reliably estimated.

Since Management is responsible for the preparation of the statement, then the inclusion of contingent liability is its responsibility.

the correct answer is - no.

winnipeg, canada, is not further away from the equator than moscow, russia, in fact moscow is the city that is further away from the equator. moscow is on a latitude of 55.7558° north, while winnipeg is on a latitude of 49.8951° north, thus putting moscow by 5.8607° further away from the equator than winnipeg is.

answer; planning;