A Contingency Was Evaluated at Year-End and Considered to Have

question 9

True/False

A contingency was evaluated at year-end and considered to have a remote possibility of becoming an actual liability.If this is not reported on the balance sheet or in the notes to the financial statements,it could be considered a violation of generally accepted accounting principles.

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Definitions:

Spinal Cord

The nervous tissue within the spinal column that transmits nerve signals between the brain and the rest of the body.

Conus Medullaris

The tapered, lower end of the spinal cord, occurring around the lumbar vertebral levels 1 (L1) to 2 (L2).

Lumbar Enlargement

A widened area of the spinal cord that gives rise to nerves which innervate the lower limbs.

Cauda Equina

A bundle of spinal nerves and spinal nerve rootlets at the lower end of the spinal cord, resembling a horse's tail.