A Contingent Liability Is

question 96

Multiple Choice

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.

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Definitions:

Other Organizations

Refers to entities or groups distinct from the one being directly discussed or focused upon, often mentioned in comparative or referential contexts.

Motivational Practices

Strategies or methods used by organizations or individuals to inspire, encourage, and maintain high levels of motivation among employees.

Diagnosis

The process of identifying and determining the nature of a problem, issue, or illness through examination of symptoms and signs.

Needs

Basic or psychological requirements essential to an individual’s well-being and functioning.