An Example of a Loss Contingency Includes _______

question 41

Multiple Choice

An example of a loss contingency includes _______.

• A)guarantees of debt of others
• B)collection of accounts receivable
• C)payment of accounts payable
• D)repurchasing outstanding shares

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Definitions:

Trust

Reliance on the integrity, strength, ability, surety, etc., of a person or thing; confidence.

Memory

The cognitive procedure of converting, holding, and accessing information.

Intelligence

The ability to acquire and apply knowledge and skills, involving cognitive functions such as perception, reasoning, and problem-solving.

Checking Rituals

Repetitive behaviors or mental acts that a person feels compelled to perform, often associated with obsessive-compulsive disorder, aimed at reducing anxiety or preventing a feared event.