A Certain Contingent Liability Was Evaluated at Year-End,and Considered to Have

question 95

True/False

A certain contingent liability was evaluated at year-end,and considered to have a remote possibility of becoming an actual liability.If the accountant decided NOT to report it on the balance sheet or in the notes to the financial statement,this could be considered unethical behavior.

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Definitions:

Ribonuclease

Enzyme that splits RNA into its component nucleotides.

Defecation Reflex

Combination of local and central nervous system reflexes initiated by distension of the rectum and resulting in the movement of feces out of the lower colon.

Gastrocolic Reflexes

Reflexes that mediate the increase in motility of the colon in response to food entering the stomach.

Sympathetic Nerve Fibers

Nerves that are part of the sympathetic nervous system, involved in the body's fight-or-flight response by increasing heart rate and blood pressure among other effects.