If a Contingency That Is Probable Can Be Reasonably Estimated,a

question 216

True/False

If a contingency that is probable can be reasonably estimated,a liability is recorded and an expense is accrued.

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Definitions:

Legal Theories

Frameworks or systems of law developed to analyze laws, legal processes, and their impact.

Liability

A legal obligation or responsibility, often involving the need to compensate for harm or damages caused.

UCC

Stands for Uniform Commercial Code, a standardized set of laws and regulations intended to streamline and harmonize the conduct of business and commercial transactions across the U.S.

Computer Software

Programs and operating information used by a computer to perform specific tasks.