Only Contingencies That Are Probable and Can Be Estimated Are

question 61

True/False

Only contingencies that are probable and can be estimated are recorded as a liability and an accrued expense.

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Definitions:

Offshoring

The practice of moving a business operation or process from one country to another, often to reduce costs or access specialized talent.

Cost Of Production

Refers to the total expense incurred in manufacturing a product or providing a service, including materials, labor, and overhead costs.

Legal-Political Conditions

The state of laws and political climate in a given area, influencing businesses, individual rights, and societal dynamics.

Financial Institutions

Organizations that provide financial services like banking, investing, and insurance to individuals and businesses, playing a key role in the economy by managing money and credit.