A Contingent Liability That Will Probably Become an Actual Liability,and

question 1

True/False

A contingent liability that will probably become an actual liability,and can be reasonably estimated,must be recorded as an expense.

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Definitions:

Oedipal Stage

A phase in Freudian psychosexual development where a child has unconscious desires for their opposite-sex parent and jealousy toward the same-sex parent.

Havelock Ellis

A British physician and psychologist who was an early researcher and writer on human sexuality in the late 19th and early 20th centuries.

Homosexuality

Romantic or sexual attraction or behavior between members of the same sex or gender.

Acquired

Something that has been obtained or gained, which was not innate or present from birth.