Question: A potential liability dependent on a future event is a: known liability current liability certain liability O contingent liability Question 10 A Hogwarts student is

A potential liability dependent on a future event is a: known

A potential liability dependent on a future event is a: known liability current liability certain liability O contingent liability Question 10 A Hogwarts student is suing his school, claiming pain and suffering due to Professor Moody turning him into a ferret. His lawsuit for $10,000,000 galleons and the school's legal advisors believe the possibility of the student winning is remote. The proper accounting treatment requires the school to: journalize a contingent liability take no accounting action disclose the liability in the notes to the financial statements expel the student

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