Question 3 (3 points) Saved 3. The "record date" is the date on which a company must record a liability to pay a cash dividend. True False Question 4 (3 points) Saved 4. When should a gain contingency be recorded? O A. When receipt is probable OB. When it is received OC. When it can be estimated O D. None of the above Question 5 (3 points) Saved 5. If the chance of an unfavorable outcome on a contingent liability is remote, it only needs to be disclosed in the footnotes to the financial statements. True False Question 6 (3 points) Saved 6. In order for a contingent liability to be recorded, a loss must be: O A. Probable OB. Settled OC. Able to be estimated OD. Both A and C O E. Both B and C Question 7 (3 points) Saved 7. When should the expense for an assurance warranty (not an extended warranty) be recorded? O A. At the same time as the sale. B. When the guarantee work is performed (ie, cash basis). OC. Straight line over 2 years OD. None of the above Question 8 (3 points) 8. Which of the following is a compensated absence? O A. Sick days OB. Vacation days OC. Holidays D. All of the above