Which of the following is an example of a contingent liability?
A) A liability for notes payable with interest included in the face amount.
B) The liability for future warranty repairs on computers sold during the current period.
C) A lawsuit pending against a restaurant chain for improper preparation of food.
D) A corporate long-term employment contract with the chief executive officer.

Question

Quizplus · Accepted Answer

The Answer of Which of the following is an example of a contingent liability?
A) A liability for notes payable with interest included in the face amount.
B) The liability for future warranty repairs on computers sold during the current period.
C) A lawsuit pending against a restaurant chain for improper preparation of food.
D) A corporate long-term employment contract with the chief executive officer.

Which of the Following Is an Example of a Contingent