A Contingent Liability Should Be Disclosed in the Notes to the Financial

question 85

True/False

A contingent liability should be disclosed in the notes to the financial statements if there is a reasonable possibility that a loss (or expense)will occur.

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Definitions:

Proposition

An announcement that outlines a viewpoint or judgment.

Standard Form

A widely accepted or conventional format for presenting something, particularly in mathematical or logical expressions.

Syllogism Types

Various forms of logical arguments characterized by three parts: a major premise, a minor premise, and a conclusion.

Categorical Syllogism

Logical reasoning that draws a conclusion from two other premises, involving a set of three categories or terms.