If You Are Out of Touch for a Specific Time

question 12

Multiple Choice

If you are out of touch for a specific time, letting people know so they won't be disappointed by your lack of response is part of being _____ .

• A) honest
• B) appreciative
• C) empathetic
• D) reliable

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Definitions:

Future Operating Loss

A projected loss from future operations, not yet incurred or realized, often considered in impairment assessments and going concern evaluations.

Deferred Liability

A liability that is recorded on the balance sheet and represents a future obligation to pay, such as taxes payable in the future.

Contingent Liability

A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the company's control.

Possible Obligation

A potential future outflow of resources embodying economic benefits, arising from past events, whose existence will be confirmed only by uncertain future events.