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:

Coalition

An alliance formed by two or more individuals or groups against another individual or one or more groups to achieve certain ends.

Oppression

The systemic and pervasive exercise of power by one group over another, leading to the latter's disadvantage and injustice.

Economic Inequality

The unequal distribution of wealth, income, or resources among individuals or groups within a society.

Income

Income is the financial gain or earnings received by an individual or household from work, investments, or other sources during a given period of time.