Contingent Assets May Be Disclosed in the Notes If Probable

question 12

True/False

Contingent assets may be disclosed in the notes if probable and reasonably estimable.

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Definitions:

Nonprescription Drugs

Medications that can be purchased without a doctor’s prescription, also known as over-the-counter (OTC) drugs.

Aspirin

A medication used to reduce pain, fever, inflammation, and, in low doses, to prevent blood clots.

Diet Pills

Medications or supplements taken to help reduce or control weight, often by suppressing appetite or increasing metabolism.

Teratogen

From the Greek word tera, meaning “monster,” this term refers to any agent that causes a birth defect. Teratology is the field of study that investigates the causes of birth defects.