A Company Cannot Have a Liability If the Amount of the Obligation

question 95

True/False

A company cannot have a liability if the amount of the obligation is unknown.

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Definitions:

Omission

The act of leaving out or excluding someone or something, either intentionally or unintentionally.

Contingent

Dependent on certain conditions or circumstances; not absolute but conditional.

Unpleasant Event

An occurrence that is disagreeable, distressing, or unwelcome, causing discomfort.

Punishment

Punishment involves imposing a penalty or negative consequence on an individual or group as a response to an undesired action or behavior, with the intent of discouraging that behavior.