Contingent Liabilities Are Only Recognized If They Arise from Past

question 28

True/False

Contingent liabilities are only recognized if they arise from past events.

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Definitions:

Common View

The widely held beliefs or opinions by a majority of people about a specific topic or issue.

Ethics And Business

The study and application of moral principles and standards in business practices to ensure fairness, transparency, and integrity in dealings.

Individual Rights

The rights and freedoms to which all humans are entitled, protecting individuals from infringements by governments and private organizations, and ensuring participation in civil and political life.

Principle Of Individualism

An ethical philosophy that holds that all primary goals should achieve long-term self-interests, with the emphasis on long-term; self-interest should not justify short-sighted actions.