For a Given Contingent Liability,a Company Has the Choice of Either

question 69

True/False

For a given contingent liability,a company has the choice of either recording it on the balance sheet or disclosing it in the notes.

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Definitions:

Environmental Standard

Regulations and criteria set to control pollution levels and protect environmental health by defining acceptable limits of pollutants or environmental impacts.

Quantity of Pollution

The total amount of pollutants released into the environment by an entity over a specific period, usually measured for regulatory or control purposes.

Marginal Social Benefit

The additional benefit to society from the production or consumption of one more unit of a good or service.

Environmental Standard

Regulations and criteria set by governments or international bodies to protect the environment and limit pollution.