The Frequency of Unexpected and Novel Events That Occur in the Conversion

question 37

Multiple Choice

The frequency of unexpected and novel events that occur in the conversion process refers to:

• A) uncertainty.
• B) accountability.
• C) variety.
• D) analyzability.

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Definitions:

Contingent Liability

A potential financial obligation that may arise in the future, dependent on the outcome of a specific event or set of circumstances.

Probable

A term signifying a high likelihood or certainty that a future event will occur.

Estimable

Capable of being approximated or determined in value, often referring to an amount or value in accounting.

Contingent Liability

A potential financial obligation that may arise in the future depending on the outcome of a specific event.