Which of the Following Would Be Considered a Contingent Liability

question 124

Multiple Choice

Which of the following would be considered a contingent liability?

• A)Sales tax obligation
• B)Mortgage obligation
• C)Accounts Payable obligation
• D)Pending legal action

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Definitions:

Egocentrism

A cognitive trait where an individual is unable to understand or assume any perspective other than their own.

Operations

Procedures carried out in the execution of a task, workflow, or within a functional area of a business or study.

Intuitive Thought

A cognitive process that occurs without analytical reasoning, often based on experiences and immediate perceptions.

Innate

The inherent characteristics or abilities present from birth, not acquired or learned through experience.