Which Statement About Contingencies Is Correct

question 48

Multiple Choice

Which statement about contingencies is correct?

• A)If the future outcome is probable and reliably measurable,a provision is recorded.
• B)If the future outcome is probable,disclosure is required if it is reliably measurable.
• C)If the future outcome is probable,but not reliably measurable,no action is required.
• D)If the future outcome is probable,a provision is required,even if it is not reliably measurable,

Comprehend the burden distribution of taxes between consumers and producers.

Evaluate tax strategies to minimize inefficiency and deadweight loss.

Recognize the relationship between tax revenue and elasticity of demand and supply.

Understand the concept of tax incidence and how it is affected by the elasticity of demand and supply.

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Definitions:

Intention-Behavior Gap

The disconnect that can occur between what people plan or intend to do and what they actually end up doing.

Implementational Intentions

Detailed plans that link a specific situation with a goal that a person wants to achieve.

Behavioral Willingness

An individual's readiness or likelihood to engage in a specific behavior under certain circumstances, regardless of their intentions.

Perceived Behavioral Control

An individual's assurance in their power to engage in activities needed to accomplish distinct performance objectives.