Contingent Liabilities Are Reported on the Income Statement

question 101

True/False

Contingent liabilities are reported on the income statement.

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Definitions:

Antioxidants

Substances that can prevent or slow damage to cells caused by free radicals, unstable molecules that the body produces as a reaction to environmental and other pressures.

Free Radicals

Highly reactive molecules with unpaired electrons, capable of causing oxidative damage to cells and DNA.

Absorption

The process by which substances are taken up into or across tissues, such as the absorption of nutrients by the intestines.

Gingivitis

A common and mild form of gum disease (periodontal disease) that causes irritation, redness, and swelling (inflammation) of your gingiva, the part of your gum around the base of your teeth.