Which of the Following Groups Has the Responsibility for Identifying

question 103

Multiple Choice

Which of the following groups has the responsibility for identifying and deciding the appropriate accounting treatment for recording or disclosing contingent liabilities?

• A)Auditors
• B)Legal counsel
• C)Management
• D)Management and the auditors

---

Definitions:

Supervisors

Individuals within an organization responsible for overseeing the work of others, ensuring tasks are completed efficiently and effectively.

Incentive Compensation

A form of payment designed to reward employees for achieving certain performance targets.

Performance Measures

Metrics or criteria used to evaluate the effectiveness, efficiency, or success of an organization or individual's work.

Small Favors

Minor acts of kindness or assistance that are offered or exchanged, often informally or without expectation of reciprocation.