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:

Job Positions

Specific roles or titles within an organization, outlining the responsibilities, tasks, and duties of the person in that role.

Follow-Up Letter

a written communication sent after an initial encounter or submission, aiming to remind, thank, or further engage the recipient.

Interview

A formal conversation where questions are asked to gather information from the interviewee, often for the purpose of employment or research.

Résumé

A document summarizing an individual's work experience, education, skills, and accomplishments for job applications.