If a Contingent Liability Is Reasonably Estimable and It Is

question 61

Multiple Choice

If a contingent liability is reasonably estimable and it is reasonably possible that the contingency will occur the contingent liability

• A) should be recorded in the accounts.
• B) should be disclosed in the notes accompanying the financial statements.
• C) should not be recorded or disclosed in the notes until the contingency actually happens.
• D) must be paid for the amount estimated.

Comprehend the importance of social justice within the context of sustainable development and corporate responsibility.

Understand the concept of balance and sustainability in socio-economic development and how collaboration among stakeholders is crucial for achieving sustainable business initiatives.

Know the role of businesses, communities, and governments in scaling sustainable business practices and making them profitable.

Analyze the challenges and criticisms related to implementing universal standards in sustainability across different nations.

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Definitions:

Parabola

A specific type of curve on a graph, represented by a quadratic function, characterized by its symmetric shape which can open upwards or downwards.

Graph

A visual representation of data or mathematical functions typically consisting of points on a coordinate plane.

Standard Form

A way of writing numbers, particularly very large or very small numbers, using powers of ten; also refers to a canonical form of equations in mathematics.

Vertex

A point where two or more curves, edges, or lines meet, often used to describe the corner point of a polygon or the peak or trough of a parabola.