For a Liability to Exist

question 46

Multiple Choice

For a liability to exist,

• A) the identity of the party owed must be known.
• B) the exact amount must be known.
• C) a past transaction or event must have occurred.
• D) an obligation to pay cash in the future must exist.

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Definitions:

Increasing Competition

Increasing competition refers to a situation where the number or capability of rivals in an, area such as business or sports, is growing.

Undermine Prejudicial Attitudes

The process of weakening biased or unfounded judgments against individuals or groups by challenging stereotypes and promoting understanding.

Healthy Competition

A type of competition that encourages participants to put forth their best effort while maintaining respect and fairness towards others.

Social Norms

Unwritten rules that govern the behavior of individuals within a society or group.