Contingencies Are Disclosed in a Note If It Is Probable

question 109

True/False

Contingencies are disclosed in a note if it is probable that cash of other assets will be required to settle the obligation, or if the amount of the obligation cannot be measured with sufficient reliability.

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Definitions:

U.S. GDP

The total market value of all final goods and services produced within the United States in a given period, serving as a broad measure of its economic activity.

U.S. GNP

Gross National Product of the United States, representing the total dollar value of all goods and services produced over a specific time period by American citizens and businesses, regardless of where they are located.

French Citizen

An individual who holds citizenship in France, legally recognized as a member of the country with certain rights, responsibilities, and protections.

Produced Illegally

Goods or services manufactured or distributed in violation of laws.