A Contingent Liability Is an Estimated Liability, with the Dollar

question 79

True/False

A contingent liability is an estimated liability, with the dollar amount of the liability dependent on a future event arising out of a past transaction.

---

Definitions:

Organisational Development

A planned, systematic process aimed at increasing an organization's effectiveness and health through interventions in its processes, structures, and culture.

Diagnosis

The identification of the nature and cause of a certain phenomenon, typically referring to the determination of a medical condition based on symptoms and tests.

Client System

A group or organization that receives services, products, or advice from a consultancy or service provider.

New Technology

The latest advancements in technology, including innovations in software, hardware, and processes that improve efficiency or solve existing problems.