A Contingent Liability Eventually Becomes Either a True Liability or No

question 143

True/False

A contingent liability eventually becomes either a true liability or no liability at all.

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Definitions:

Sales Manager

A professional responsible for leading and directing a sales team to meet or exceed sales targets.

Manufacturing Costs

The total expenses involved in the process of producing goods, including raw materials, labor, and overhead costs.

Financing

The process of providing or obtaining the funds necessary for investment, expansion, or operations.

Repayments

Amounts of money paid back to lenders or creditors in partial or full settlement of a loan or debt.