We Record a Contingent Liability When the Likelihood of the Loss

question 88

True/False

We record a contingent liability when the likelihood of the loss occurring is reasonably possible and the amount is reasonably estimable.We record a contingent liability when the likelihood of the loss occurring is probable and the amount is reasonably estimable.

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Definitions:

Title Style

Formatting applied to titles in documents, presentations, or web pages to distinguish them from other text.

Data Series

In charting or graphical representations, a set of related data points or values that are plotted or represented.

Texture

The feel, appearance, or consistency of a surface or a substance.

WordArt

A feature in Microsoft Office applications that allows users to create stylized text with various effects like texture, shadows, and shapes.