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:

Angiosperm

Flowering land plant; the seeds are borne within a fruit.

Pollination

The transfer of pollen from the male parts of a flower to the female parts, leading to fertilization and seed production.

Pollen Tube

In seed plants, a tube that forms when a pollen grain lands on the stigma and germinates. The tube grows, passing between the cells of the stigma and the style to reach the egg inside an ovule, where fertilization occurs.

Foreign Species

Species that are introduced to a new habitat where they are not naturally found, often leading to ecological imbalance.