Contingent Liabilities Are Recorded in the Accounts If the Future

question 11

Essay

Contingent liabilities are recorded in the accounts if the future event is _______________ and the amount owed can be _______________.
Answers must appear in this order.

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Definitions:

Gap Junctions

Specialized intercellular connections that allow for direct chemical and electrical communication between cells.

Cardiac Muscle Tissue

Specialized muscle tissue found only in the heart, characterized by striated cells that contract involuntarily to pump blood.

Endocrine Glands

Glands that secrete hormones directly into the bloodstream, regulating various body functions.

Duct

A tube or passageway in a building or machine for conveying air, liquid, cables, etc., or in the body for conveying blood, lymph, or other fluids.