A Contingent Liability Is Recorded Only If a Loss Is

question 38

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:

Resource-Based View

A framework for understanding competitive advantage that emphasizes the strategic value of a firm's resources and capabilities.

Competitive Advantages

The attributes that allow an organization to outperform its competitors, including cost structure, product offerings, brand, and customer service.

Sustainable Competitive Advantage

A long-term, defendable position a company holds over competitors, often through unique resources, capabilities, or technologies.

Transferable

Referring to skills, knowledge, or qualities that can be applied in different roles or contexts.