State the Three Conditions Required for a Contingent Liability to Exist

question 58

Short Answer

State the three conditions required for a contingent liability to exist.

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Definitions:

Random Sampling

A method of selecting a sample from a population in which every member has an equal chance of being included, ensuring the representativeness of the sample.

Multiple Observations

The act of repeatedly viewing or noticing the same event, behavior, or phenomenon, often used in scientific research to increase reliability.

Sensation Seeking

Sensation seeking is a personality trait characterized by a strong desire for novel and intense experiences, often involving risk-taking behaviors.

Experiment

A research method involving the manipulation of one or more independent variables to determine their effect on one or more dependent variables, while controlling other potentially confounding factors.