State Whether Each Situation Below Implies a Definitely Determinable Liability

question 62

Essay

State whether each situation below implies a definitely determinable liability (D), an estimated liability (E), a contingent liability (C), or no liability at all (X).
_____ 1. Lawsuit filed against the company
_____ 2. Payroll liabilities
_____ 3. Unearned revenues
_____ 4. Accounts payable
_____ 5. Product warranty liability
_____ 6. Dividend to be declared in future
_____ 7. Current portion of long-term debt
_____ 8. Discounted notes receivable
_____ 9. Liability for vacation pay
_____ 10. Guarantee of debt of other companies

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Definitions:

Prejudices

Preconceived opinions or judgments toward people, objects, or situations based on biases, without factual knowledge.

Stereotyping

Erroneous assumptions that all members of a group share the same traits or characteristics.

Attraction-Similarity Hypothesis

A theory suggesting that people are attracted to others who are similar to themselves in terms of attitudes, values, and interests.

Altruism

The practice of selflessly caring for the welfare of others, often at a cost to oneself.