A Contingent Liability That Has a Remote Probability of Occurrence

question 144

True/False

A contingent liability that has a remote probability of occurrence must be disclosed in a note to the financial statements.

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Definitions:

Inhibited

A state or condition where actions, processes, or reactions are slowed down or prevented.

Uninhibited

Characterized by a lack of restraint or the ability to act freely without concern for social norms.

Temperaments

Inborn personality traits that influence how one typically responds to the environment.

Spectrum

A range or continuum of different but related items, values, or conditions, often used to describe frequencies of light, autism disorders, or any comprehensive range.