A Contingent Liability That Has a Remote Possibility of Becoming

question 136

True/False

A contingent liability that has a remote possibility of becoming an actual loss is included in a note to the financial statements.

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Definitions:

Private Lives

Aspects of an individual's life that are not meant for public scrutiny, typically involving personal relationships and family.

Rapid Growth

A fast increase in the size or number of something, such as population, economy, or a business.

Capitalism

An economic system based on the principles of market competition, private property, and the pursuit of profit.

Sociology Development

The study of how society, social structures, and patterns of social behavior evolve over time.