From an Accounting Standpoint, All of the Following Are Contingencies

question 122

Multiple Choice

From an accounting standpoint, all of the following are contingencies that must be evaluated for off-balance sheet purposes except

• A)product warranties.
• B)general business risks.
• C)money-back guarantees for products.
• D)environmental cleanup obligations.

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Definitions:

Dominant Sense

The most developed or most relied upon of the senses (sight, hearing, taste, touch, smell) in an individual.

Olfaction

The sense of smell, a chemical sensing system which is part of the sensory systems of animals and humans for detecting odors.

Audition

The sense of hearing, which involves the detection and interpretation of sound waves by the ears and brain.

Empiricist Philosophy

A philosophical approach emphasizing that knowledge is primarily derived from sensory experience.