To Accrue a Contingent Liability Means To

question 32

Multiple Choice

To accrue a contingent liability means to:

• A)report it as a footnote only.
• B)disclose estimates of the liability.
• C)make an adjusting journal entry.
• D)do nothing.

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Definitions:

Periscope

A live video streaming app that was owned by Twitter, allowing users to broadcast and explore the world through live video.

Facebook Live

A feature of the Facebook social media platform that allows users to stream live video to their followers or to the public, often used for events, announcements, and interactive engagements.

VW Emissions Scandal

refers to the 2015 scandal where Volkswagen was found to have been using software in diesel engines to cheat on emissions tests, leading to false reports of low emissions.

Public's Expectation

The anticipation or belief regarding a specific performance or behavior from an individual, organization, or product.