In Some Countries the Account Reserve for Contingencies May Be

question 65

Multiple Choice

In some countries the account Reserve for Contingencies may be most comparable to which of the following accounts for a company reporting under U.S.GAAP?

• A) Contingency Expense
• B) Retained Earnings Appropriated for Contingencies
• C) Unearned Contingency Fees
• D) Contingency Losses

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Definitions:

Some Ability

A nonspecific level of competence or skill in a certain area, indicating that an individual has a certain level of capability but it is not quantified.

Low In Competence

Describes an individual or entity that lacks the necessary skills, knowledge, or ability to perform effectively.

High In Commitment

Being high in commitment indicates a strong dedication and loyalty towards an organization, cause, or set of goals, often leading to higher productivity and morale.

Developmental Continuum

A concept representing the progressive stages of development or advancement in skills, knowledge, or organizational growth.