Classify Each of the Following Items as a Contingent Liability

question 177

Essay

Classify each of the following items as a contingent liability, estimated liability, or current liability:
$\begin{array}{ll}\text { 1. Accrued wages payable. } & \text { Contingent liability } \\\text { 2. Payroll taxes payable. } & \text { Estimated liability } \\\text { 3. Lawsuit against the company. } & \text { Current liability } \\\text { 4. Warranty on products sold this } & \text { Estimated liability } \\\text { year. } & \\\text { 5. Accounts payable. } & \text { Estimated liability } \\\text { 6. Vacation benefits. } & \text { Current liability } \\\text { 7. Property taxes payable. } & \text { Contingent liability } \\\text { 8. Income taxes payable. } & \text { Estimated liability } \\\text { 9. Unearned revenues. } & \text { Current liability } \\\text { 10. Debt guarantees. } & \text { Current liability }\end{array}$

Understand the ethical guidelines governing research with human subjects, including informed consent and confidentiality.

Recognize the role of variables in research (independent, dependent) and how to assess relationships between them.

Understand the concept and importance of informed consent in human research, including its essential elements.

Comprehend the distinctions and applications of different types of validity in research methods and measurement tools.

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Definitions:

Cognitive Biases

Misperceptions or misunderstandings that cause systematic errors. Most result either from heuristics that are prone to systematic errors or because the brain is attempting to solve a type of problem (such as a calculus problem) for which it was not evolutionarily evolved and for which it has little innate capability.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Behavioral Economists

Researchers focusing on the impact that psychological, cognitive, emotional, cultural, and social elements have on the economic decisions of individuals and organizations.

Investment Portfolio

A collection of various types of investments held by an individual, institution, or financial entity designed to achieve specific financial goals.