Question: Which statement about contingent liabilities is correct? 1. It is a possible obligation that arises from past transactions and events. 2. It is an obligation

Which statement about contingent liabilities is correct? 1. It is a

Which statement about contingent liabilities is correct? 1. It is a possible obligation that arises from past transactions and events. 2. It is an obligation that arises from past transactions and events. 3. It involves uncertainty about either the timing or amount of payment. 4. It is a condition that depends upon the outcome of an anticipated event

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