The question which asks if contingent liabilities are only recognized if they arise from past events is:
According to the given question, we are asked to see that we need to find out if contingent liabilities are only recognized if they arise from past events or whether there are other factors involved.
As a result of this, we can see that contingent liabilities has to do with a liability which can occur later in the future and which the finance can be adequately estimated or calculated, such as a potential lawsuit which could lead to an out of court settlement.
Therefore, the correct answer is False
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