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:

Social Activism

Social activism involves organized efforts and actions aimed at promoting, impeding, or directing social, political, economic, or environmental change.

Social Motivation

The drive behind individuals' efforts to engage with, contribute to, or be accepted by their social environment and communities.

Individual Agency

The capacity of individuals to act independently and make free choices, shaping their own lives.

Social Fact

Elements such as norms, values, and structures that exist external to the individual and exert influence over them, as defined by sociologist Émile Durkheim.