A Certain Contingent Liability Was Evaluated at Year-End,and Considered to Have

question 119

True/False

A certain contingent liability was evaluated at year-end,and considered to have a reasonable possibility of becoming an actual liability.If the accountant decided NOT to report it on the balance sheet or in the notes to the financial statement,this could be considered unethical behavior.

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Definitions:

Technical Support

Assistance provided to users of technology products or services, often involving troubleshooting and general guidance on how to use products effectively.

Editing Skills

The ability to review, correct, and improve text or content, ensuring clarity, accuracy, and coherence.

Active Voice

A sentence structure where the subject performs the action stated by the verb, making the writing clear and direct.

Overstate

To exaggerate or place too much emphasis on a fact or detail, making it seem more important or serious than it actually is.