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Joe is a project manager in an IT company and has over the years, gained substantial knowledge in his area of work. However, while managing his team, he often loses his temper. In addition, he fails to be an active listener when his team members approach him with work related challenges. In which of the following areas does Joe need to develop his skills in?
Present Obligation
A duty or responsibility that is expected to be settled in the future, recognized as a liability.
Past Event
An event or transaction that has occurred prior to the balance sheet date, impacting the financial position or performance of an entity.
Reliable Estimate
A calculation or assessment regarding figures or outcomes that is deemed dependable based on available evidence.
Contingent Liability
A contingent liability is a potential financial obligation that may arise depending on the outcome of an uncertain future event.
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