A Contingent Liability That Has a Remote Possibility of Becoming

question 136

True/False

A contingent liability that has a remote possibility of becoming an actual loss is included in a note to the financial statements.

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Definitions:

Adult Status

The phase of life characterized by having obtained the social, legal, and developmental traits typically associated with adulthood, such as independence and responsibility.

Late 20s

Refers to the latter part of the decade in a person's life, typically the ages of 27 to 29.

Early 30s

A term used to describe individuals who are in the age range of 30 to 33 years.

18 to 20 Years

An age range often considered late adolescence or early adulthood, marking a transition period in life with significant developmental milestones.