Liabilities Such as Contingent Liabilities That Are Not Probable, or Are

question 62

True/False

Liabilities such as contingent liabilities that are not probable, or are probable but not measurable, do not qualify for recognition in the financial statements.

---

Definitions:

Irrationality

The quality of acting or deciding based on emotions, flawed reasoning, or nonsensical ideas, rather than logic or rational thought.

Group Behavior

pertains to the ways in which individuals act, interact, and influence each other within a group setting.

Trick-or-Treaters

Children who dress in costumes and go from house to house on Halloween asking for treats, such as candy, with the phrase "Trick or Treat."

Transgressions

Actions or behaviors that violate social norms, rules, or laws, leading to conflict or offenses within interpersonal relationships.