Contingent Liabilities Are Recorded in the Accounts If the Future

question 82

Short Answer

Contingent liabilities are recorded in the accounts if the future event is ________ and the amount owed can be ________.

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Definitions:

Criminal Prosecution

The process of charging someone with a crime and conducting a trial to determine guilt or innocence, typically conducted by the state.

Acquitted

A legal judgment that a person charged with a crime is not guilty of the charged offense.

Corporate Criminal Liability

The legal principle holding companies and their executives criminally accountable for their actions.

Mens Rea

The mental state of intent to commit a crime, a key element required to establish guilt in criminal proceedings.