Question: A contingent liability is: Select one: a. An obligation not requiring future payment. b. An obligation arising from the purchase of goods or services on

A contingent liability is:

Select one:

a. An obligation not requiring future payment.

b. An obligation arising from the purchase of goods or services on credit.

c. Always of a specific amount.

d. A potential obligation that depends on a future event arising from a past transaction or event.

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