If a Business Knows That a Liability Exists but Does

question 51

True/False

If a business knows that a liability exists but does not know the exact amount,the business is unable to record the liability.

---

Definitions:

Taxonomy

A system of classification that organizes concepts, objects, or information into categories based on shared characteristics or attributes.

Mental Processes

The internal, covert activities of our minds, such as thinking, feeling, and remembering.

Position Analysis

The process of examining the duties, tasks, and responsibilities of a job to define its specifics.

Information Inputs

Data or information that is entered into a system for processing or analysis.