A Contingent Liability That Has a Remote Possibility of Becoming

question 89

True/False

A contingent liability that has a remote possibility of becoming an actual loss is not included in a note to the financial statements.

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Definitions:

Broached

A machining process that uses a toothed tool to remove material, typically used for making unique shapes or holes in metal.

Steering Defects

Flaws or failures in the steering mechanism of a vehicle, which can affect handling and safety, often requiring immediate correction or repair.

OOS

OOS stands for Out of Service, a designation that indicates a vehicle or driver has been found to have violations that prevent them from operating until corrected.

Excessive Toe-in

An alignment condition where the front of the wheels are closer to each other than the rear, which can cause uneven tire wear and handling issues.