Which of the Following Is Not a Characteristic of an Estimated

question 71

Multiple Choice

Which of the following is not a characteristic of an estimated liability?

• A)The liability is known to exist.
• B)The precise dollar amount cannot be determined until a later date.
• C)The liability should not be recorded in the accounting records until future events have determined the exact amount.
• D)The liability stems from past transactions.

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Definitions:

Encourage Individuality

Creating an environment where differences are celebrated, and employees are motivated to express their unique skills and perspectives.

Collective Socialization

The process through which individuals learn and adopt the norms, values, behaviors, and skills necessary for functioning within a particular society or group.

Objective Outcomes

are measurable and observable results obtained from a process, project, or activity that can be verified independently.

Subjective Outcomes

Results or consequences that are based on personal feelings, tastes, or opinions.