When Is a Contingent Liability Recorded

question 57

Multiple Choice

When is a contingent liability recorded?

• A) When the amount can be reasonably estimated.
• B) When the future events are probable to occur and the amount can be reasonably estimated.
• C) When the future events are probable to occur.
• D) When the future events will possibly occur and the amount can be reasonably estimated.

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Definitions:

Organizational Socialization

The process by which a person learns the values, norms, and required behaviors which permit them to participate as a member of the organization.

Four Week Training

A structured program or course designed to provide intensive learning or skill development over a period of four weeks.

Values Training

Involves educating employees about the organizational values and ethical principles, aiming to align their behavior with organizational standards.

Social Roadmaps

Guiding frameworks or plans that outline how to achieve social goals, address social issues, or foster social change within a community or society.