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.

---

Definitions:

Diet

The variety of foods and beverages consumed by an individual, especially with regard to maintaining or improving health.

Dislike

A feeling of disapproval or dissatisfaction towards someone or something.

Heard

The act of perceiving sound by the ear; if you have heard something, you have perceived it through hearing.

Friend

A person with whom one has a bond of mutual affection, typically exclusive of sexual or family relations.