A Contingent Liability Is Recorded Only If a Loss Is

question 126

True/False

A contingent liability is recorded only if a loss is at least reasonably possible and the amount is reasonably estimable.A contingent liability is recorded only if a loss is probable and the amount is reasonably estimable.

---

Definitions:

Lek

Of some birds, a communal mating display area for males.

Large Territories

Expansive areas controlled or inhabited by a particular country, organism, or individual, often associated with the acquisition of resources or living space.

Methylation

The addition of a methyl group to a molecule, often DNA, affecting gene expression without changing the DNA sequence.

Acetyl Group

A chemical group derived from acetic acid, with the formula CH3CO, important in various biological processes including metabolism.