Which Statement About Contingent Assets Is Correct

question 57

Multiple Choice

Which statement about contingent assets is correct?

• A)It involves only potential economic outflows of resources.
• B)It is a possible asset that depends upon the outcome of a future event.
• C)It involves uncertainty about either the timing or amount of payment.
• D)It is a condition that depends upon the outcome of a forecasted event.

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Definitions:

Unionization Rate

The percentage of employees in a workforce who belong to a labor union.

Protective Services

Services provided by public or private agencies designed to safeguard individuals and property from harm, including police, firefighting, and security services.

Managers

Individuals responsible for planning, organizing, leading, and controlling resources to achieve organizational goals.

Sales Workers

Individuals involved in the direct sale of products or services to consumers, including both retail and wholesale transactions.