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:

Professionalism

The conduct, behavior, and attitude deemed appropriate and effective in a work or professional setting.

Conducting OneSelf

The manner in which an individual behaves or acts in various situations, often reflecting their personal ethics or professional standards.

Purpose and Pride

The sense of meaningfulness and dignity derived from engaging in activities or belonging to groups that align with one’s values and identity.

Ethical Behavior

Acting in ways consistent with what society and individuals typically think are good values, including honesty, fairness, and integrity.