A Liability Is Recognized When

question 25

Multiple Choice

A liability is recognized when

• A)the exact due date is known.
• B)it is paid for.
• C)an obligation has arisen.
• D)the exact amount of the liability is known.

---

Definitions:

Interview Clients

The process of formally questioning individuals to gather information, typically used in professional settings such as legal or counseling practices.

ABA Model Guidelines

Standards or principles developed by the American Bar Association to guide the ethical practice of lawyers and legal professionals.

Legal Assistant Services

Professional support services provided to lawyers, including research, document preparation, and other administrative tasks, typically performed by individuals known as legal assistants or paralegals.

ABA Standing Committee

A permanent committee established by the American Bar Association to focus on specific areas of law or professional concern.