According to FASB,when Should a Company Journalize a Contingent Liability

question 51

Multiple Choice

According to FASB,when should a company journalize a contingent liability?

• A)Journalize the contingent liability,even though you will probably win the lawsuit.
• B)Journalize the contingent liability only if the amount can be estimated and the probability of loss is reasonably possible.
• C)Journalize the contingent liability if it is probable that the loss will occur,and the amount of the loss can be reasonably estimated.
• D)Do not journalize the contingent liability under any circumstances.

Appreciate the impact of time, distance, culture, and native language on the functionality of global teams.

Understand the concept of team effectiveness and the influence of contextual factors such as technology, management practices, and organizational rewards.

Discuss the significance of superordinate goals and the dynamics of cooperation and competition among teams.

Identify the importance of adapting leadership styles to manage teams with different time orientations and cultural backgrounds.

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Definitions:

Incorporation Options

Various legal structures available for businesses when formally establishing their company with the state.

Sole Proprietorship

A business owned and operated by a single individual, with no distinction between the business and the owner in terms of legal and financial affairs.

Advantages

The positive aspects or benefits that contribute to achieving success or gaining a competitive edge.

Disadvantages

Disadvantages refer to the negative aspects or conditions that reduce effectiveness, efficiency, or desirability of something or someone.