A Contingent Liability That Has a Remote Probability of Occurrence

question 76

True/False

A contingent liability that has a remote probability of occurrence must be disclosed in a note to the financial statements.

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Definitions:

Genetic Engineering

Process by which an individual’s genome is altered deliberately, in order to change its phenotype.

Chronological

Pertains to the arrangement of events or actions in the order of their occurrence in time.

Comparative Advantages

The ability of an individual or group to carry out a particular economic activity more efficiently than another entity.

Pro-con

Weighing the positive (pro) and negative (con) aspects of a decision, argument, or proposition.