A Contingent Liability Is

question 250

Multiple Choice

A contingent liability is:

• A)always a specific amount.
• B)an obligation arising from the purchase of goods or services on credit.
• C)an obligation not requiring a future payment.
• D)a potential obligation that depends on a future event.

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Definitions:

Brainstorming

A creative group activity designed to generate a large number of ideas for the solution to a problem.

Constructive Conflict

Disagreements that are expressed in a positive, cooperative manner leading to productive resolutions and fostering innovation.

Task Interdependence

Describes the extent to which tasks in an organization require coordination and cooperation among individuals or teams to complete.

Groupthink

Is a psychological phenomenon that occurs within a group of people when the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.