CFC Exame De Suficiência Practice Questions - CFC Exame De Suficiência Em Contabilidade Exam

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A legal assessment of three distinct pending lawsuits against a corporate entity revealed the following likelihoods of financial outflow: Lawsuit A: Probable outflow (probabilidade provável) with a reliable estimate of R$ 80,000.00; Lawsuit B: Possible outflow (probabilidade possível) estimated at R$ 50,000.00; Lawsuit C: Remote outflow (probabilidade remota) estimated at R$ 30,000.00. Under NBC TG 25 (R2) / CPC 25 (Provisões, Passivos Contingentes e Ativos Contingentes), how should these events be accounted for and reported in the financial statements?

Recognize provisions for Lawsuit A (R$ 80,000.00) and Lawsuit B (R$ 50,000.00) as liabilities; disclose Lawsuit C in explanatory notes. Disclose all three lawsuits (A, B, and C) exclusively in explanatory notes without recognizing any liability on the Balance Sheet. Recognize a total provision of R$ 160,000.00 encompassing all three lawsuits in the Balance Sheet. Recognize a provision (provisão) of R$ 80,000.00 as a liability in the Balance Sheet with footnote disclosure; disclose Lawsuit B in explanatory notes as a contingent liability (passivo contingente); do not recognize or disclose Lawsuit C.

Correct Answer:

Recognize a provision (provisão) of R$ 80,000.00 as a liability in the Balance Sheet with footnote disclosure; disclose Lawsuit B in explanatory notes as a contingent liability (passivo contingente); do not recognize or disclose Lawsuit C.

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