Contingent Liabilities Must Be Recorded If The

question 31

Multiple Choice

Contingent liabilities must be recorded if the:

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

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Definitions:

Lamas

Religious teachers and leaders in Tibetan Buddhism, often monks, who play significant roles in guiding spiritual practices and rituals.

Rabbis

Jewish religious leaders and teachers of Torah or Jewish law.

Shamanic Complex

A set of beliefs, practices, and rituals related to communication with the spiritual world, typically involving a shaman.

Shaman

A person regarded as having access to, and influence in, the world of good and evil spirits, typically among indigenous and tribal societies, using this access for healing and divination.