Which of the following statements is true?
A) One of the essential characteristics of a liability is that the transaction or other event obligating the entity will probably occur in the future.
B) In order for there to be a liability, a duty or responsibility must be present that obligates a particular entity.
C) In order for there to be a liability, a legally enforceable claim must be present.
D) In order to have a liability, the identity of the recipient must be known.
B
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A. storming B. norming C. performing D. forming E. adjourning
List and describe the three categories of manufacturing costs
On January 1, the Rodrigues Corporation leased some equipment on a 2-month lease, paying $1,500 per month. The lease is considered to be a short-term lease. Prepare the general journal entry to record the second lease payment on February 1.
What will be an ideal response?
An interview committee must decide which interviewee to hire as the company's new project manager. Committee members have decided to vote and then hire the candidate receiving the most votes. What method for reaching group decisions is this team using?
A) Majority B) Consensus C) Authority rule with discussion D) Averaging