When a Contingent Liability Exists,the Likelihood for Loss Can Be

question 28

Multiple Choice

When a contingent liability exists,the likelihood for loss can be evaluated as probable,reasonably possible,or remote.A remote loss is

• A)a loss where the chance of occurrence is slight
• B)a loss that is likely to occur
• C)a loss where the chance of occurrence is moderate
• D)falls between the chance of occurrence is slight and a loss is likely to occur

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Definitions:

In-Groups

Social groups to which an individual feels they belong, where members often share similar interests or identities.

Out-Groups

Groups to which individuals do not belong and may feel opposition or hostility towards, in contrast to in-groups with which they identify.

Attribution Theory

A psychological theory that explains how individuals infer the causes of their own and others' behaviors and events.

Attribution Error

A cognitive bias where individuals incorrectly identify or explain the causes of behavior, often overestimating personal factors and underestimating situational factors in others.