Which of the Following Is Correct with Respect to a Contingent

question 42

Multiple Choice

Which of the following is correct with respect to a contingent liability that is "reasonably possible" but "cannot reasonably be estimated"?

• A)It must be recorded and reported as a liability.
• B)It does not need to be recorded or reported as a liability.
• C)It must only be disclosed as a note to the financial statements.
• D)It must be reported as a liability,but not recorded.

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Definitions:

Blake and Mouton

Creators of the Managerial Grid Model, which emphasizes two dimensions of leadership style: concern for people and concern for production, used for understanding and categorizing management or leadership styles.

Managerial styles

The various approaches, techniques, and behaviors managers use to interact with employees, make decisions, and direct operations within an organization.

Production

The process of creating, manufacturing, or producing goods and services to fulfill consumer needs and wants.

New Leadership

A broad term that describes innovations in leadership research, including leadership as symbolic action, followership, transformational leadership, and a view of leadership as socially constructed.