Which of the Following Statements Is True

question 24

Multiple Choice

Which of the following statements is true?

• A) One of the essential characteristics of a liability is that the transaction or other event obligating the entity will probably occur in the future.
• B) In order for there to be a liability, a duty or responsibility must be present that obligates a particular entity.
• C) In order for there to be a liability, a legally enforceable claim must be present.
• D) In order to have a liability, the identity of the recipient must be known.

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Definitions:

Cohort

A group of people banded together or treated as a group, often used in studies to examine variables affecting specific populations over time.

Clique

A small, exclusive group of individuals who share interests, views, or status, often within a larger social setting like a school.

Crowd

A large number of individuals gathered together, often with a common purpose or intent.

Basic Growth Tendencies

The fundamental patterns or directions that development and growth typically follow in organisms.