A Contingent Liability Must Be Recognized If It Is Likely

question 44

True/False

A contingent liability must be recognized if it is likely that a firm will lose a lawsuit filed against it and the amount of the loss can be reasonably estimated.

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Definitions:

Treatment Plans

Structured outlines developed by healthcare professionals to guide the course of treatment for an individual's specific health or behavioral condition.

Twelve-step

is a program designed to assist individuals in overcoming addiction, compulsion, or other behavioral problems, based on a set of guiding principles.

Self-help Groups

Community-based groups where individuals with similar issues or conditions offer mutual support and share experiences.

Twelve-step Groups

Support groups that follow a set of guiding principles for recovery from addiction, compulsion, or other behavioral problems, famously including Alcoholics Anonymous.