A Contingency Was Evaluated at Year-End and Considered to Have

question 172

True/False

A contingency was evaluated at year-end and considered to have a reasonable possibility of becoming an actual liability.If this was not reported on the balance sheet or in the notes to the financial statements,it could be considered a violation of generally accepted accounting principles.

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Definitions:

Steven Reiss

A psychologist known for his work on intrinsic motivation and the 16 basic desires theory.

Basic Desires

Fundamental emotional needs or urges that motivate an individual's actions and decisions.

Ohio State University

A large, public research university located in Columbus, Ohio, known for its extensive academic programs and research initiatives.

Daniel Pink's Theory

A motivation concept arguing that autonomy, mastery, and purpose fuel individual performance better than traditional rewards.