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:

White Blood Cell Count

A measurement of the number of white blood cells in a volume of blood, indicative of immune system status.

Blood Pressure

The force exerted by circulating blood upon the walls of blood vessels, a critical vital sign indicating the health of the cardiovascular system.

Older Adult Client

A term used in healthcare and service provision referring to an individual typically aged 65 years or older, often requiring tailored medical or social care.

Total Hip Replacement

A surgical procedure in which a damaged hip joint is replaced with an artificial joint, often to relieve pain or improve mobility.