A Contingent Liability Is

question 250

Multiple Choice

A contingent liability is:

• A)always a specific amount.
• B)an obligation arising from the purchase of goods or services on credit.
• C)an obligation not requiring a future payment.
• D)a potential obligation that depends on a future event.

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Definitions:

Webpage

A document accessible on the World Wide Web, consisting of an HTML file, possibly with embedded images and links to other pages or media.

Internet Service Provider (ISP)

A company that provides access to the Internet to both personal and business customers through various technologies.

Protocol

A set of rules and standards used to communicate between devices in a network, ensuring smooth transmission of data.

Modem

A device facilitating the transmission of data over telephone lines by converting digital signals to analog for transmission and back again for reception.