44. Current liabilities are usually recorded and reported in financial statements at their full maturity value. *

True

False

45. A company discloses gain contingencies in the notes only when a high probability exists for realizing them. *

True

False

46. Stock dividends distributable should be classified on the balance sheet as a liability. *

True

False

47. Information available prior to the issuance of the financial statements indicates that it is probable that, at the date of the financial statements, a liability has been incurred for obligations related to product warranties. The amount of the loss involved can be reasonably estimated. Based on the above facts, an estimated loss contingency should be disclosed in the notes to Financial Statements. *

True

False