A Contingent Liability Is a Potential Obligation That Depends on a Future

question 204

True/False

A contingent liability is a potential obligation that depends on a future event arising from a past transaction or event.

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Definitions:

Function

A relation between sets that assigns to each element of a set exactly one element of another set.

Composition

The process of combining two functions in such a way that the output of one function becomes the input of another.

Function

A relation between a set of inputs and a set of permissible outputs, often defined by an equation.

Inverse Function

A mathematical function that reverses the effect of another function, such that if the function f applied to an input x gives a result of y, then applying its inverse function to y gives the result x.