A Contingent Liability Exists When a Potential Liability That Depends

question 78

True/False

A contingent liability exists when a potential liability that depends on a future event arising out of a past transaction liability is either not probable or it cannot be reliably estimated.

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Definitions:

Confirmation Bias

A cognitive bias that involves favoring information that confirms previously existing beliefs or biases.

Principle Of Falsifiability

The criterion for demarcating scientific from non-scientific statements; a theory must be testable and potentially able to be proven false.

Denialism

The choice to reject information or evidence that conflicts with an individual's beliefs, often seen in contexts such as climate change denial.

Cognitive Inertia

The tendency of certain cognitive processes or sets of beliefs to resist change, even in the face of new information or evidence.