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

question 51

True/False

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 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:

Phishing

A fraudulent attempt, typically via email, aiming to steal personal information by pretending to be a legitimate entity.

Credit Card

A plastic card issued by a bank or financial institution that allows the holder to borrow funds, within a pre-approved limit, to pay for goods and services with the promise to repay the borrowed amount, along with any agreed charges.

PoE

Power over Ethernet (PoE) is a technology that allows network cables to carry electrical power to network devices.

Security Camera

A video recording device used for the purpose of monitoring and securing locations by capturing visual footage.