A Contingent Liability Is a Potential Obligation That Depends on a Future

question 146

True/False

A contingent liability is a potential obligation that depends on a future event arising from a future transaction or event.

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Definitions:

Human Psychology

The scientific study of the mind and behavior, covering various aspects of conscious and unconscious experience as well as thought processes.

Emphasis

Special importance, value, or prominence given to something.

Diversity

The inclusion of individuals from different backgrounds, cultures, ethnicities, genders, sexual orientations, and beliefs in a group or organization.

Different Backgrounds

Refers to the diverse origins, cultures, experiences, and perspectives individuals or groups bring to an environment or society.