A Contingent Liability Should Be Recorded in the Accounts If

question 9

Short Answer

A contingent liability should be recorded in the accounts if it is ______________ that the contingency will occur and the amount is ______________.

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Definitions:

Generation Y

Refers to the demographic cohort following Generation X, typically born between the early 1980s and the mid-1990s to early 2000s.

Generation Z

Refers to individuals born between 1996 and 2009.

Generation Alpha

Refers to individuals born in 2010 and later.

Latch-Key Kids

Children who return from school to an empty home because their parents or guardians are at work, and thus they are often responsible for their own care for several hours a day.