When Are Expenses and Liabilities Recognized for the Federal Social

question 5

Multiple Choice

When are expenses and liabilities recognized for the federal social security program?

• A)when benefits are paid to the recipients
• B)when benefits are earned by the recipients
• C)when benefits are due and payable at the end of a reporting period
• D)when the social security trust fund receives cash from employees and employers

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Definitions:

Reasonable Standard Of Care

The degree of caution and concern an ordinarily prudent and rational person would use in similar circumstances.

Societal Need

Essential requirements that are necessary for the well-being and functioning of society as a whole.

Expectations

Expectations refer to the beliefs or forecasts about future events or outcomes, often based on past experiences or evidence.

Justice

The principle of fairness and moral rightness in the treatment of individuals, especially in the administration of laws.