An Estimated Liability

question 137

Multiple Choice

An estimated liability:

• A) Is an unknown liability of a certain amount.
• B) Is a known obligation of an uncertain amount that can be reasonably estimated.
• C) Is a liability that may occur if a future event occurs.
• D) Can be the result of a lawsuit.
• E) Is not recorded until the amount is known for certain.

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Definitions:

Truthful

The quality or state of being accurate, honest, and in accordance with facts or reality.

Consumer Product Safety Commission

An agency of the U.S. government tasked with regulating the sale and manufacture of consumer products to ensure they do not pose any unreasonable risk of injury or death to consumers.

Food And Drug Administration

A U.S. Department of Health and Human Services federal agency tasked with ensuring public health protection and promotion by overseeing and managing the safety of food, tobacco products, dietary supplements, prescription and non-prescription drugs, vaccines, biopharmaceuticals, medical devices, and animal health products.

Debt Verification

The process of validating the accuracy and legality of a claimed debt, often initiated by the debtor seeking proof from the creditor.