Why Are Contingent Liabilities Considered Unique and Different from All

question 147

Multiple Choice

Why are contingent liabilities considered unique and different from all other liabilities?

• A)Whether or not a company has an obligation depends on the result of a future event.
• B)Whether or not a company has an obligation depends on the result of a past event.
• C)The company knows the amount of the obligation.
• D)Both B and C are unique to contingent liabilities.

---

Definitions:

Religion

A set of beliefs concerning the cause, nature, and purpose of the universe, especially when considered as the creation of a superhuman agency or agencies, usually involving devotional and ritual observances.

Social Classes

Distinct groups in society distinguished by levels of wealth, influence, status, or other factors that determine their access to resources and power.

Housework

Encompasses domestic tasks such as cleaning, cooking, and managing household maintenance, traditionally considered the responsibility of members within a household.

Religious Socialization

The process through which individuals are taught and adopt the beliefs, practices, and norms of a religious tradition.