A contingent liability is defined as a: $\begin{array}{llll}
&I&II&III&IV\
\text { possible obligation that arises from past }&\text { Yes } & \text { Nes } & \text { No } & \text { No } \
\text { events }\
\text { possible obligation whose existence will be }&\text { Yes } & \text { No } &\text { Yes } & \text { No }\
\text { confirmed by the occurrence of an uncertain }\
\text { future event }\
\end{array}$

Question

A contingent liability is defined as a: $\begin{array}{llll}
&I&II&III&IV\
\text { possible obligation that arises from past }&\text { Yes } & \text { Nes } & \text { No } & \text { No }  \
\text { events }\
\text { possible obligation whose existence will be }&\text { Yes } & \text { No } &\text { Yes } & \text { No }\
\text { confirmed by the occurrence of an uncertain }\
\text { future event }\
\end{array}$

Quizplus · Accepted Answer

A contingent liability is indeed defined as a possible obligation that arises from past events and whose existence will be confirmed by the occurrence of an uncertain future event.

A Contingent Liability Is Defined as A A) I; B) II; C) III; D) IV

A Contingent Liability Is Defined as A A) I;
B) II;
C) III;
D) IV