Contingent Liabilities Must Be Recorded If

question 16

Multiple Choice

Contingent liabilities must be recorded if:

• A)The future event is probable and the amount owed can be reasonably estimated.
• B)The future event is remote.
• C)The future event is reasonably possible.
• D)The amount owed cannot be reasonably estimated.
• E)All of the choices are correct.

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Definitions:

Forty Hours

Refers to the standard full-time working hours in a week for many employment contracts, typically 8 hours a day for 5 days.

Work Visa

A government-issued document that allows a foreign individual to enter a country for the purpose of employment for a specified period of time.

Qualified U.S. Workers

Individuals in the United States who are fully able and available to perform the job for which they are applying, typically pertaining to discussions about immigration and job competition.

Noncitizen

An individual who is not a legal citizen of the country in which they reside.