Which of the Following Terms Is Associated with Recording a Contingent

question 93

Multiple Choice

Which of the following terms is associated with recording a contingent liability?

• A) Possible.
• B) Likely.
• C) Remote.
• D) Probable.

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Definitions:

Dues

Fees collected from members by unions or other organizations to fund operations, activities, and representational functions.

Ethical Framework

A structured set of principles and guidelines that inform decision-making and actions based on moral values, aiming to ensure fairness, justice, and respect in various contexts.

Virtue

Represents moral excellence and righteousness, often referring to qualities such as honesty, integrity, and compassion.

Ethics of Virtue

A branch of moral philosophy that emphasizes the role of character and virtue in moral philosophy rather than either doing one’s duty or acting to bring about good consequences.