The Journal Entry to Record a Contingent Liability Creates an Accrued

question 62

True/False

The journal entry to record a contingent liability creates an accrued liability on the balance sheet and a loss on the income statement.

---

Definitions:

Benevolent Sexism

A form of sexism that is manifested in attitudes that are subjectively positive, but reinforce traditional gender roles and perpetuate inequality.

Gender Inequity

The unfair or unequal treatment of individuals based on their gender, resulting in disparities in rights, resources, and power.

System Justification Theory

A theory in social psychology that proposes people have a motivation to defend, uphold, and rationalize the status quo, even at the expense of personal and group interest.

Objectification Theory

A framework for understanding how individuals, particularly women, are treated and perceived primarily in terms of their bodies or bodily attributes, leading to various psychological effects.