Contingent Liabilities Must Be Recorded If

question 89

Multiple Choice

Contingent liabilities must be recorded if:

• A) The future event is probable and the amount owed can be reasonably estimated.
• B) The future event is remote.
• C) The future event is possible.
• D) The amount owed cannot be reasonably estimated.
• E) All of these.

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Definitions:

Socialist Representative

A political representative who advocates for socialism, focusing on social ownership, democratic control of the means of production, and prioritizing social welfare.

Industrial Workers of the World

Radical union organized in Chicago in 1905 and nicknamed the Wobblies; its opposition to World War I led to its destruction by the federal government under the Espionage Act.

American Federation of Labor

An early 20th-century national federation of labor unions in the United States, focused on better wages, hours, and working conditions.

Conservative

A belief system advocating for the preservation of conventional social norms and structures.