A certain contingent liability was evaluated at year end


True or false....A certain contingent liability was evaluated at year end; and considered to have a reasonable possibility of becoming an actual liability. if the accountant decided not to report it on the balance sheet or in the notes to the financial statements, this could be considered a violation of generally accepted accounting principles.

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: A certain contingent liability was evaluated at year end
Reference No:- TGS01005249

Expected delivery within 24 Hours