A Contingent Liability Cannot Be Disclosed in a Note to the Financial

question 103

True/False

A contingent liability cannot be disclosed in a note to the financial statements unless it can be estimated.

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Definitions:

Impotence

A condition where an individual is unable to achieve or maintain an erection suitable for sexual intercourse.

Social Status

Refers to the position or rank of a person or group within the society based on wealth, occupation, education, or other criteria.

Egalitarian Relationships

Partnerships in which individuals have equal rights, responsibilities, and opportunities, emphasizing mutual respect and equality.

Subordinate

A person who is under the authority or control of another within an organization or hierarchy.