When the Occurrence of a Liability Is Dependent on the Outcome

question 39

Multiple Choice

When the occurrence of a liability is dependent on the outcome of some future event, the liability is referred to as an) :

• A)contingent liability.
• B)commitment.
• C)accrued liability.
• D)accounts payable.

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Definitions:

Reduced Range

A limitation or decrease in the extent or scope of something, often regarding movements or options.

Contented

A state of satisfaction and happiness, often resulting from fulfilling one's needs or achieving desired outcomes.

Emotional Reaction

An individual's immediate affective response to a stimulus, which can influence behavior and decision-making.

Future Possible Activities

Activities or tasks that individuals or groups might undertake in the future, which are currently considered as options or plans.