A Contingent Liability Is a Potential Liability, with the Dollar

question 138

True/False

A contingent liability is a potential liability, with the dollar amount of the liability dependent on a future event arising out of a past transaction.

---

Definitions:

Middle Childhood

A developmental stage typically referring to children aged 6-12 years, characterized by significant growth in cognitive, social, and physical abilities.

Social Intelligence

The capacity to understand and manage interpersonal relationships and navigate social environments.

Ifaluk of Micronesia

A cultural group residing in the Federated States of Micronesia, known for their unique social practices and way of life.

Obese Children

Children having a body mass index (BMI) above the 95th percentile for their age and sex, indicating excessive body fat.