A Contingent Liability That Has a Probable Chance of Occurrence

question 2

True/False

A contingent liability that has a probable chance of occurrence should be disclosed in the financial statement footnotes.

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Definitions:

Infantile Autism

another term for early childhood autism, is a developmental disorder characterized by difficulties in social interaction, communication, and restricted or repetitive behaviors.

Marijuana

A psychoactive drug from the Cannabis plant, used for medical or recreational purposes.

Schizophrenia

A chronic and severe mental disorder that affects a person's ability to think, feel, and behave clearly, often involving delusions and hallucinations.

Genetic Predisposition

The increased likelihood of developing a particular disease based on a person's genetic makeup.