A Contingent Liability Is Recorded in the Accounting Records

question 4

Multiple Choice

A contingent liability is recorded in the accounting records

• A)if a reasonable estimate of the expected loss can be determined and if it is probable.
• B)if the contingency has not already been disclosed in the notes to the financial statements.
• C)if it will possibly become an actual liability,and the exact amount is unknown.
• D)under no circumstances.

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Definitions:

Risk For Falls

A potential for accidental falling, which may result in physical harm, often assessed in healthcare settings for preventative measures.

Malfunctioning IV Pump

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Work Order

A formal request for work to be completed or services to be performed, often used in maintenance and operational contexts.

Tag

A game in which players try to touch each other, making the person touched "it," or a label attached to items for identification or description.