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:

Product Life Cycle

The sequence of stages that a product goes through from introduction to growth, maturity, and decline.

Operations Manager

An individual responsible for overseeing the production of goods and services, aiming to improve efficiency, productivity, and profitability within an organization.

Computerized Scanner

Electronic devices that capture images, text, or data and converts them into a digital format.

Specifications

Detailed descriptions of the requirements, characteristics, or standards that a particular product, service, or material should meet.