Question: A contingent liability is: Multiple Choice A potential obligation that depends on a future event arising from a past transaction or event. An obligation arising

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

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!

Q:

Known obligation of an uncertain amount that can be reasonably predicted. Payroll taxes on employers assessed by the federal government to support benefits paid to employees who are temporarily out...

Q:

Question 13 (2 points) Saved Listen Collins and Farina are forming a partnership. Collins is investing a building that has a market value of $80,000. However, the building carries a $56,000 mortgage...

Q:

chapter 9 accouting worksheet 3. Assume Jacoby, Inc. acquired a manufacturing faclity from Gardner Enterprises for $2,000,000. Assume that the facility consisted of land, building, and equipment. If...

Q:

Question 4 (10 points) Match each of the following terms with the most appropriate definition Known obligation of an uncertain amount that can be reasonably predicted. Payroll taxes on employers...

Q:

Companies value and report short-term receivables at __________________________(the net amount they expect to receive in cash.) a. Sales allowance b. Notes payables c. Net Realizable Value (NRV) d....

Q:

Question 12 Not yet answered Marked out of 1.00 Flag question A potential obligation that depends on a future event arising from a past transaction is called; a. Unearned liability b. Non-current...

Q:

Chapter 8 accounting worksheet 1. What are the two features that set Plant Assets/Fixed Assets apart from other assets. a. b. 2. Of the different types of Plant asset, which one is NOT depreciated?...

Q:

A cantingent Ninbilty is: Muntigie Croice An abligotion that will never require a future payment. A potential obligation that depends on a future event arising from a past transaction or event. An...

Q:

TB MC Qu . 0 9 - 5 7 ( Static ) A contingent... A contingent liability is: Multiple Choice Always of a specific amount. A potential obligation that depends on a future event arising from a past...

Q:

A contingent liability is: 8 0 0 : 2 9 : 4 3 Multiple Choice An obligation arising from a future event. , Always of a specific amount. An obligation arising from the purchase of goods or services on...

Q:

Kris Inc., a technology company that specializes in social networking services and products, is considering entering the gaming business in a short venture. Kris expects to stay in the gaming...

Q:

The octagon shown below has eight congruent sides. The given measures of the octagon are rounded to the nearest tenth of a centimeter. 11.6 cm 8.2 cm 28 cm 8.2 cm 28 cm What is the area, to the...

Q:

12. Using a scale of 2 cm to represent 1 unit on both axes, draw the graph of y = x + 2/(x ^ 2) for 1

Q:

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....