A Contingent Liability That Has a Probable Chance of Occurrence

question 165

True/False

A contingent liability that has a probable chance of occurrence should be recorded in the financial statements.

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Definitions:

Output Device

A hardware component used to convey information from a computer or system to the external environment, such as a monitor, speaker, or printer.

Input Device

Any device that is used to feed data or control signals into a computer or processing system, such as a keyboard, mouse, or sensor.

IREF

IREF often stands for reference current, a specific, stable current used as a reference point in electronic circuits for biasing and stabilizing purposes.

Internal Reference

A predetermined or fixed point within a system used as a standard for measurement or comparison.