Final answer:
The need to specify Contingent Type, Contingent Amount, and Contingent Percentage when adding a borrowing type varies and cannot be said to be universally true or false without additional context.
Step-by-step explanation:
The statement "When adding the borrowing type, you must specify Contingent Type and Contingent Amount and Contingent Percentage" seems to refer to aspects of financial agreements or loan documentation which may require such specifications under certain conditions. However, without more context, it is not possible to definitively say whether it is true or false. In financial contexts, contingent liabilities are potential obligations that may arise depending on the outcome of a future event. The specifics, such as whether the Contingent Type, Contingent Amount, and Contingent Percentage must always be specified, can vary depending on the agreement, the type of borrowing, the lender's requirements, and applicable regulations.
When adding the borrowing type, you must specify the Contingent Type, Contingent Amount, and Contingent Percentage. This is crucial for accurately recording and reporting contingent liabilities.
For example, if a company issues a loan that is contingent on a certain event, such as the borrower's credit score, the Contingent Type would be 'Loan', the Contingent Amount would be the principal amount of the loan, and the Contingent Percentage would be the interest rate.