A Contingent Liability Is a Potential Obligation That Depends on a Future

question 146

True/False

A contingent liability is a potential obligation that depends on a future event arising from a future transaction or event.

---

Definitions:

Mistakes

Actions or decisions that are wrong or inaccurate, often resulting from bad judgment or a lack of information.

External Locus of Control

A psychological concept where individuals believe that their successes or failures result from external factors beyond their control, rather than their own efforts.

Destinies

The predetermined or inevitable courses of events in individuals' lives or the history of entities, often viewed as beyond human control.

Internal Locus of Control

A psychological concept where individuals believe they have control over the outcomes of their actions and the events in their life.