Contingent Liabilities Must Be Recorded If

question 159

Multiple Choice

Contingent liabilities must be recorded if:

• A) The future event is reasonably possible but not estimable.
• B) The amount owed cannot be reasonably estimated.
• C) The future event is probable but not estimable.
• D) The future event is remote.
• E) The future event is probable and the amount owed can be reasonably estimated.

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Definitions:

Working Class Youth

Young individuals, typically from families engaged in non-managerial or blue-collar occupations, often focusing on their cultural and economic experiences.

Manufacturing Jobs

Employment in industries that produce goods and products through the transformation of raw materials with manual labor or machinery.

Service Industry

An economic sector focused on providing services rather than manufacturing goods, including industries like hospitality, finance, healthcare, and education.

Economic Insecurity

The condition of lacking stable financial resources or income, creating uncertainty and risk regarding an individual's or household's well-being and future.