Contingent Liabilities Are Only Recognized If They Arise from Past

question 28

True/False

Contingent liabilities are only recognized if they arise from past events.

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Definitions:

Positive Reinforcement

A process by which the likelihood of a behavior's occurrence is increased by following it with a pleasant stimulus.

Real-Life Example

An instance or situation from everyday life used to illustrate or explain a principle or phenomenon.

Personal Habit

A regular tendency or practice, often involuntary, which is hard to give up and shapes an individual’s daily behavior.

Positive Behavior

Actions that are constructive, beneficial, and supportive of the well-being of oneself and others.