If a Business Knows That a Liability Exists but Does

question 184

True/False

If a business knows that a liability exists but does not know the exact amount,the business must estimate the amount of the liability and report it on the balance sheet.

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Definitions:

Cnidarian

Radially symmetrical invertebrate with two tissue layers; uses tentacles with stinging cells to capture food.

Cnidocyte

Stinging cell unique to cnidarians.

Polyps

Abnormal growths of tissue projecting from a mucous membrane, commonly found in organs such as the nose or intestines.

Closed Circulatory System

A circulatory system where the blood moves through the body in closed vessels, ensuring efficient transport of nutrients and oxygen to cells and removal of waste products.