If the Likelihood of a Loss Is Reasonably Possible Rather

question 125

True/False

If the likelihood of a loss is reasonably possible rather than probable,we record no entry,but make full disclosure in a footnote to the financial statements to describe the contingency.

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Definitions:

Inhumane

Lack of compassion or empathy, often resulting in cruelty or neglect towards others.

Theory of Precedent

The doctrine that principles of law established in earlier judicial decisions should be accepted as authoritative guides in subsequent similar cases.

Supreme Court

The highest judicial body in a country or jurisdiction, serving as a final court of appeal and determining the constitutionality of laws.

Theft

The act of unlawfully taking someone else's property with the intent to permanently deprive the owner of it.