A Contingent Liability Must Be Recorded If It Is Reasonably

question 116

True/False

A contingent liability must be recorded if it is reasonably possible and the amount can be reasonably estimated.

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Definitions:

Axillary Thermometer

A device used to measure body temperature by placing it in the armpit area.

Levothyroxine

A synthetic form of thyroxine (a thyroid hormone) used to treat thyroid hormone deficiencies such as hypothyroidism.

Hypothyroidism

A condition characterized by insufficient production of thyroid hormones by the thyroid gland, affecting metabolism.

Blood Pressure

The force exerted by circulating blood upon the walls of blood vessels, measured using two numbers: systolic (pressure during heartbeat) and diastolic (pressure between beats).