A Contingency Was Evaluated at Year-End

question 114

True/False

A contingency was evaluated at year-end.Management felt it was probable that this would become an actual liability and the amount could be reasonably estimated.If this is reported on the balance sheet,it could be considered a violation of generally accepted accounting principles.

---

Definitions:

Price Of Acorns

The monetary value assigned to acorns, which can vary based on factors like demand, supply, and usage in markets or ecosystems.

Commodity Bundle

A specific combination of goods or services that is considered as a single entity in economic analysis or transactions.

Price Of Peaches

The market value assigned to peaches, which can fluctuate based on factors such as demand, supply, quality, and seasonal availability.

Price Of Pears

The market value at which pears are sold, varying based on factors like quality, seasonality, and availability.