Question: A Contingent liability is: a potential obligation on a future event arising from a past transaction or event AN obligation arising from a future event

A Contingent liability is: a potential obligation on a future event arising from a past transaction or event AN obligation arising from a future event Always a specific amount An obligation arising from the purchase of goods or services on credit An obligation that will never require a future payment

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

CIST 2373 Java III Lab #8 40 Points Part A Modify your AccountLookup.html file, from Lab #2. Add one new item to this HTML file. Add a link that says: View All Accounts. Make it so when the user...

DO NOT WRITE ON THE EXAM!!! MULTIPLE CHOICE. C question ionECHOICE. Choose the one alternative that best completes the statement or answers the 1) regarding liabilities are true except: Information...

Indicate whether each statement is TRUE OR FALSE. 1) A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or...

A contingent liability is: A potential obligation that depends on a future event arising from a past transaction or event. An obligation that will never require a future payment. An obligation...

Which of the following terms represents the maximum number of shares that a company may issue and that is not used in any equity-related calculations? Outstanding Shares Treasury Stock Authorized...

Which of the following statements are true? Multiple select question. There are three categories of contingent liabilities. A contingent liability is a potential obligation arising from a past event....

Select all that apply Which of the following statements are true? There are three categories of contingent liabilities. Contingent liabilities represent losses; the contingency is about the amount. A...

Which of the following statements are true? There are three categories of contingent liabilities. Contingent liabilities represent losses; the contingency is about the amount. A contingent liability...

Which of the following statements are true? For reporting purposes, contingent liabilities are sorted into three categories depending on the likelihood of their becoming actual liabilities....

A contingent liability is a potential obligation that depends on a future event arising from a past transaction or event. true or false

A contingent liability is a potential obligation that depends on a future event arising from a past transaction or event.

The Zeescore Corporation pays an annual dividend of $2 per share. On Wednesday it closed at $61 per share with a net change of 0.85. The dividend remained at $2 for a year. a. What was the yield on...

It is the end of 2020. Evergreen All-Fixed Corporation began operations in January 2019. The company is so named because it has no variable costs. All its costs are fixed; they do not vary with...

Alibaba is a very large and advanced channel member. Thus, it is not likely that it will use

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...