A contingent liability is: Multiple Choice An obligation arising from the purchase of goods or services...

A contingent liability is:

Multiple Choice

An obligation arising from the purchase of goods or services on credit.
An obligation arising from a future event.
An obligation not requiring future payment.
A potential obligation that depends on a future event arising from a past transaction or event.
Always of a specific amount.

Expert Solution

Answer : D = A Potential obligation that depends on a future event arising from a past transaction or event.

>> Contingent Liability is an Obligation of liability that depends on future event, which arising from past transaction or event.

>> Obligation of liability is a potential obligation.

ekkarill92 answered 2 years ago

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