A Contingent Liability Can't Be Disclosed in a Note to the Financial

question 29

True/False

A contingent liability can't be disclosed in a note to the financial statements unless it can be estimated.

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Definitions:

Spending Variance

The difference between the actual amount spent and the budgeted amount for a specific period or category.

Travel Expenses

Costs associated with traveling for the purpose of conducting business-related activities, including transportation, lodging, and meals.

Spending Variance

The difference between the actual amount spent and the budgeted or standard amount expected to be spent.

Power Cost

The expense associated with the consumption of electrical power used in the operations of a business or manufacturing process.