Contingent Liabilities Must Be Recorded If The

question 31

Multiple Choice

Contingent liabilities must be recorded if the:

• A)future event is reasonably possible.
• B)amount owed cannot be reasonably estimated.
• C)future event is probable and the amount owed can be reasonably estimated.
• D)future event is remote.

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Definitions:

Aging

refers to the process of becoming older or more mature, involving biological, psychological, and social changes over time.

Psychiatric Disorder

A mental illness diagnosed by a medical or mental health professional that significantly interferes with an individual's cognitive, emotional, or social abilities.

American Psychiatric Association

A professional organization of psychiatrists aimed at advancing the study, prevention, and treatment of mental illnesses.

Phrenologists

Pseudoscientific practitioners who believed that the shape and size of the cranium could predict personality traits, character, and mental abilities.