A Contingent Liability Should Be Disclosed to the Financial Statement

question 58

True/False

A contingent liability should be disclosed to the financial statement notes if there is a reasonably possibility that a loss (or expense) will occur.

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Definitions:

Self-reliant

Having the ability or quality to rely on one's own capabilities, judgment, or resources instead of those of others.

Sadhus

Ascetic, wandering monks in Hinduism who have renounced the worldly life to focus on spiritual practices and meditation.

Hindu Culture

A term that encompasses the religious, societal, and cultural practices and traditions associated with Hinduism and its followers.

Dependence Training

An educational or familial process that encourages reliance on others in the social group, often contrasted with independence training.