If a Contingency Is Remote,the Company Does Not Need to Record

question 143

True/False

If a contingency is remote,the company does not need to record a liability and does not need to disclose it in the notes to the financial statements.

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Definitions:

Performance Standards

Specific criteria and benchmarks used to measure and evaluate the performance of employees or processes within an organization.

Gender Egalitarianism

A belief in the equal rights, responsibilities, and opportunities of all genders.

National Culture

The set of shared values, beliefs, customs, practices, and social behaviors that characterize the people of a particular country or nation.

Robert House

An influential scholar in the field of organizational behavior, best known for developing the Path-Goal Theory of leadership.