A contingent liability is:
A) Always of a specific amount.
B) A potential obligation that depends on a future event arising from a past transaction or event.
C) An obligation not requiring future payment.
D) An obligation arising from the purchase of goods or services on credit.
E) An obligation arising from a future event.
Correct Answer:
Verified
Q2: Contingent liabilities are recorded or disclosed unless
Q3: Which of the following do not apply
Q6: Times interest earned is calculated by:
A)Multiplying interest
Q7: In order to be reported,liabilities must:
A)Be certain.
B)Sometimes
Q8: All of the following statements regarding liabilities
Q9: Contingent liabilities must be recorded if:
A)The future
Q10: Interest expense is not:
A)Incurred on current liabilities.
B)Likely
Q11: All of the following statements regarding uncertainty
Q43: In the accounting records of a defendant,
Q47: The times interest earned ratio reflects:
A) A
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