Which of the following would not be considered a contingent liability?
A)Products sold with a warranty
B)Pending lawsuits
C)Frequent flyer miles earned by passengers
D)Cash received from advance ticket sales

Question

Quizplus · Accepted Answer

A contingent liability is a potential liability that has arisen as a result of a past transaction or event;its ultimate outcome will not be known until a future event occurs or fails to occur.Advance ticket sales would be classified as Deferred Revenue,a known liability.

Which of the Following Would Not Be Considered a Contingent