A Contingent Liability Is Recorded in the Accounting Records

question 14

Multiple Choice

A contingent liability is recorded in the accounting records

• A)if the contingency has not been described already in the notes to the financial statements.
• B)if it possibly will become an actual liability and the exact amount is known.
• C)under no circumstances.
• D)if it probably will become an actual liability and the amount can be reasonably estimated.

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Definitions:

Behaviorism

A psychological approach that emphasizes the study of observable behavior and the role of environmental factors in shaping behavior, excluding the influence of emotions or thoughts.

Sociocultural Perspective

An approach in psychology that examines how societal and cultural factors influence behavior and thinking.

Gender

The range of characteristics pertaining to, and differentiating between, masculinity and femininity, which can include biological sex, social roles, and identity.

Behavior

Observable actions or reactions of an organism, often in response to the environment or stimuli.