A Contingent Liability Cannot Be Disclosed in a Note to the Financial

question 103

True/False

A contingent liability cannot be disclosed in a note to the financial statements unless it can be estimated.

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Definitions:

Population Growth

An increase in the number of people that reside in a country, region, or city, which can impact various aspects of society including demand for products and services.

Government Subsidies

Financial assistance provided by the government to organizations, individuals, or industries to support activities deemed beneficial for the public good.

Currency Fluctuation

The variation in the value of one currency relative to another in the global market.

Inflation

A general increase in prices and fall in the purchasing value of money.