Which Statement About Contingent Liabilities Is Correct

question 5

Multiple Choice

Which statement about contingent liabilities is correct?

• A)It is a possible obligation that arises from past transactions and events.
• B)It is an obligation that arises from past transactions and events.
• C)It involves uncertainty about either the timing or amount of payment.
• D)It is a condition that depends upon the outcome of an anticipated event.

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Definitions:

Access Database

A database management system from Microsoft that merges the relational Microsoft Jet Database Engine, a graphical user interface, and tools for software development.

External File

A file that exists outside of the currently running application or database, which can be accessed, read, or integrated into the system.

Outlook Folder

An organizational container in Microsoft Outlook used to store emails, contacts, tasks, and other items.

SharePoint List

A collection of data or items stored on a SharePoint site that can be shared and managed by multiple users.