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A Certain Contingent Liability Was Evaluated at Year-End; the Company

question 13

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A certain contingent liability was evaluated at year-end; the company felt it was probable that it would become an actual liability, and the amount could be reasonably estimated. If the accountant decided to report it on the balance sheet, this could be considered a violation of generally accepted accounting principles.


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A mental health disorder characterized by persistently depressed mood or loss of interest in activities, affecting academic and social functioning of students.

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A mental health condition characterized by feelings of intense sadness, hopelessness, and despair, affecting academic performance and social interactions among students.

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