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:

Reflective

Engaged in, involving, or characterized by deep thought or contemplation.

Biologically Alive

A state characterized by the capacity for growth, reproduction, functional activity, and continual change preceding death in living organisms.

Purpose

The reason for which something is done or created or for which something exists.

Iphigenia

A figure in Greek mythology, daughter of Agamemnon, whose story varies but is often associated with sacrifice for divine favor in war.