Under IAS 37, How Are Contingent Liabilities Treated in the Financial

question 42

Multiple Choice

Under IAS 37, how are contingent liabilities treated in the financial statements?

• A) IAS 37 does not address contingent liabilities.
• B) They are recorded as current liabilities if the amount is reasonably measured.
• C) They are disclosed in the notes to the financial statements when there is more than a remote possibility of an outflow of resources.
• D) They are not disclosed.

Identify and describe various social influence techniques, including foot-in-the-door, low-ball, bait-and-switch, and labeling techniques.

Distinguish between informational and normative influences in shaping private acceptance of beliefs.

Recognize commitment and consistency as a basis for certain social influence techniques, such as the labeling technique.

Identify car salespeople's usage of social influence techniques in real-world scenarios.

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Definitions:

Amygdala

A part of the brain's limbic system implicated in emotion regulation, emotional memory, and responses to fear and stress.

Conditioned Fear

A learned response to a previously neutral stimulus that has been consistently paired with an aversive stimulus.

Traumatic Bus Accident

A severely distressing or disturbing event involving a bus, leading to physical injury and/or psychological impact on those involved.

Less Likely

A term used to indicate a lower probability or possibility of an event occurring.