The Journal Entry to Record a Contingent Liability Requires a Debit

question 84

True/False

The journal entry to record a contingent liability requires a debit to a loss (or expense)account and a credit to a liability.

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Definitions:

Regionalization

Regionalization is the division of the world into different and often competing economic, political, and cultural areas.

European Union

A political and economic union of 27 European countries that are tied by a single market and a variety of policies aiming at ensuring freedom, security, and justice.

Homogeneous Place

A location or setting where the individuals or elements share a high degree of similarity or uniformity.

Transportation Infrastructures

The foundational facilities and systems that support the movement of people and goods, including roads, bridges, tunnels, railways, and airports.