A Contingent Liability That Has a Remote Possibility of Becoming

question 89

True/False

A contingent liability that has a remote possibility of becoming an actual loss is not included in a note to the financial statements.

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Definitions:

Distorted Ways

Refers to altered or misrepresented perceptions or interpretations.

Cognitive Researchers

Scientists who study the mental processes involved in perception, learning, memory, and reasoning.

Thinking

The process of considering or reasoning about something; the mental manipulation of information to form opinions, make decisions, or solve problems.

Awareness

The state or ability to perceive, feel, or be conscious of events, objects, or sensory patterns, often used in the context of consciousness and attention.