A Contingent Liability Is Recorded Only If a Loss Is

question 133

True/False

A contingent liability is recorded only if a loss is at least reasonably possible and the amount can be reasonably estimated.

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Definitions:

Cognitive Processes

Mental activities involved in acquiring, processing, and storing knowledge, including perception, thinking, memory, and reasoning.

Expect Good Grades

The anticipation or belief that one will receive high marks or succeed academically.

Conditioned Response

A learned reaction to a previously neutral stimulus that has been repeatedly presented along with an unconditioned stimulus.

Flap Their Wings

A phrase describing the action birds, and some insects, perform to take off, fly, or maintain altitude by moving their wings up and down.