A Contingent Liability Should Be Entered into the Accounting Records

question 11

True/False

A contingent liability should be entered into the accounting records if it is both probable and reasonably estimable.

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Definitions:

Altruistic Acts

Behaviors motivated by the desire to benefit others, without expectation of reward.

Emergency Situations

Critical and unexpected circumstances that require immediate action to safeguard health, property, environment, or life.

Repeated Contact

The occurrence of being in the presence of or interacting with someone or something on multiple occasions, which can influence perceptions or relationships.

Broader Public Sphere

The open domain in society where individuals can come together to freely discuss and identify societal problems, and through that discussion influence political action.