If a Contingency Is Remote,the Company Does Not Need to Record

question 143

True/False

If a contingency is remote,the company does not need to record a liability and does not need to disclose it in the notes to the financial statements.

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Definitions:

Landscape Features

Physical attributes of the land surface, including mountains, rivers, plains, and valleys.

Pediment

A gently sloping, low-relief plain or erosion surface carved onto bedrock, commonly with a thin, discontinuous veneer of sediment.

Alluvial Fan

A fan-shaped deposit formed where a fast-flowing stream flattens, slows, and spreads typically at the exit of a canyon onto a flatter plain.

Glaciers

Massive, slow-moving rivers of ice that form in regions where snowfall exceeds snowmelt over many years.