A Contingent Liability That Has a Remote Chance of Occurrence

question 178

True/False

A contingent liability that has a remote chance of occurrence should be disclosed in the financial statement footnotes.

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Definitions:

Understand One's Emotions

The capability to identify, assess, and acknowledge one's own emotional state, which is essential for emotional intelligence.

Disruptive Impulses

Behaviours or thoughts that challenge the status quo or disrupt traditional processes in potentially innovative ways.

Vroom-Jago

A decision-making model that emphasizes the importance of leadership styles and situational factors in making effective decisions.

Leader-Participation Model

A leadership theory suggesting the effectiveness of a leader's decision-making is influenced by the appropriate involvement of subordinates.