All Subsequent Events Are Recorded in the Footnotes as a Contingent

question 4

True/False

All subsequent events are recorded in the footnotes as a contingent liability.

---

Definitions:

Contract

A legally enforceable agreement between two or more parties with explicit terms and conditions.

Discontinued Operations Section

A section in the financial statements that reports the results of operations that have been discontinued by a company.

Net Of Tax

This refers to the amount left after taxes have been subtracted from the total or the calculation made taking taxes into account.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits or losses over a particular period of time.