A Liability Should Only Be Recognised in the Financial Statements

question 12

Multiple Choice

A liability should only be recognised in the financial statements when:

• A) i and ii only
• B) i and iii only
• C) ii and iii only
• D) i, ii and iii

Understand the ABC model of attitudes and its components: affective, behavioral, and cognitive.

Identify and explain the processes and effects of cognitive dissonance on attitudes and behaviors.

Recognize how attitudes are formed through social learning and direct experiences.

Understand the relationship between attitudes and behaviors, including the impact of attitude specificity, social constraints, and job satisfaction.

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Definitions:

Keeping Promises

The act of fulfilling a commitment or assurance one has made, crucial for building trust and reliability.

Being Enthusiastic

Showing intense and eager enjoyment, interest, or approval towards something, which can be contagious and motivate others.

Red-Tape

Excessive bureaucracy or adherence to strict and complex rules and procedures that can hinder decision-making and efficiency.

Leadership Ranks

Levels or positions of authority within an organization that signify varying degrees of responsibility and command in leadership roles.