Contingent Assets May Be Disclosed in the Notes If Probable

question 12

True/False

Contingent assets may be disclosed in the notes if probable and reasonably estimable.

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Definitions:

Labor

The physical and cognitive effort involved in the process of working or the act of childbirth.

Second Stage

A phase or period in a process or progression that follows an initial or primary stage, often involving further development or progression.

Third Stage

In obstetrics, this refers to the phase after the delivery of the baby, during which the placenta and membranes are expelled.

Placenta

A vital organ in pregnant mammals that connects the developing fetus to the uterine wall, allowing nutrient uptake, waste elimination, and gas exchange via the mother's blood supply.