Contingent Liabilities Should Be Recorded in the Accounts If There

question 66

True/False

Contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur.

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Definitions:

Employer

A person or organization that hires people to work for them in exchange for compensation.

Disparate-Impact Discrimination

Discrimination that results from certain employer practices or procedures that, although not discriminatory on their face, have a discriminatory effect.

Protected Class

A group of persons protected by specific laws because of the group’s defining characteristics, including race, color, religion, national origin, gender, age, and disability.

Adversely Affected

This refers to being negatively impacted or harmed by an event or action.