Which of the Following Is NOT an Example of a Contingent

question 1

Multiple Choice

Which of the following is NOT an example of a contingent liability?

• A) income tax disputes
• B) writing off a bad debt
• C) product warranties
• D) pending legal action for patent infringement, product liability, or other actions

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Definitions:

Petrograd

The name given to the city of Saint Petersburg, Russia, between 1914 and 1924, during a period of fervent patriotism and subsequent revolution.

New Economic Policy

A policy introduced by Lenin in the Soviet Union in 1921 to revitalize the economy by allowing some private enterprise.

Socialist Orthodoxy

Refers to the strict adherence to the original doctrines of socialism, often associated with Marxist-Leninist principles and practices.

Private Ownership

A system in which private individuals or companies own the means of production and distribution of goods and services, operating them for profit.