Question: 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.

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.

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