A Certain Contingent Liability Was Evaluated at Year-End,and Considered to Have

question 28

True/False

A certain contingent liability was evaluated at year-end,and considered to have a remote possibility of becoming an actual liability.If the accountant decided NOT to report it on the balance sheet or in the notes to the financial statement,this could be considered unethical behaviour.

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Definitions:

Biweekly

Every two weeks.

Algebraically

Pertaining to the use of symbols and the rules for manipulating those symbols in mathematics to solve equations or express formulas.

Percent Discount

A reduction from the original price of an item or service, typically expressed as a percentage of the original price.

Job Listings

Advertisements or postings that outline available job positions, typically including job requirements and how to apply.