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:

Sherman Antitrust Act

Passed in 1890, first law to restrict monopolistic trusts and business combinations; extended by the Clayton Antitrust Act of 1914.

Theodore Roosevelt

The 26th president of the United States, known for his progressive policies, conservation efforts, and leadership of the Rough Riders.

Western Railroads

The network of train lines established in the Western United States during the 19th and early 20th centuries, significant for their role in the expansion and development of the region.

Trust-Busting

The practice of government efforts to break up corporate monopolies and ensure competition in the marketplace.