A Contingent Loss Is a Liability Whose Outcome Is Certain

question 41

True/False

A contingent loss is a liability whose outcome is certain at the balance sheet date but the amount is uncertain.

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Definitions:

Zygomatic

Referring to the zygoma or cheekbone, a bone that contributes to the structure of the face.

Vomer

A thin, flat bone forming the posterior and inferior portion of the nasal septum.

Costae

The ribs, forming part of the human thoracic skeleton that protects the chest cavity and supports the chest wall.

Adult Human Skull

The bony structure that forms the head in the human skeleton, comprising 22 bones that protect the brain and form the structure of the face.