We Record a Contingent Liability When the Likelihood of the Loss

question 35

True/False

We record a contingent liability when the likelihood of the loss occurring is reasonably possible and the amount can be reasonably estimated.

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Definitions:

Long Integer

A data type in computer programming that stores larger integer values compared to a standard integer type, varying by programming language.

Field Size

In database management, it refers to the maximum amount of data that can be stored in a database field.

Byte

A byte is a unit of digital information that typically consists of 8 bits, used to encode a single character of text in a computer.

Decimal Places

The tally of digits found on the right side of the decimal point in a number, showing its precision level.