Examples of Contingent Liabilities Include

question 52

Multiple Choice

Examples of contingent liabilities include:

• A) Future payments arising under employee entitlements for long service leave.
• B) Past tax deductions claimed that are under review by the Australian Taxation Office, but which the entity intends to dispute if disallowed.
• C) Out of court settlements in the case of liability for damage to health due to products manufactured by the entity.
• D) Past tax deductions claimed that are under review by the Australian Taxation Office, but which the entity intends to dispute if disallowed and out of court settlements in the case of liability for damage to health due to products manufactured by the entity
• E) All of the given answers.

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Definitions:

Breach Of Contract

Breaching any of the accepted terms and conditions within a legally binding agreement.

Legal Action

The process of seeking recourse or justice through the court system, typically involving lawsuits or litigation.

Construction Project

A comprehensive plan of construction from the beginning to the end involving any form of building or assembly.

Duty To Disclose

A legal obligation to reveal pertinent information in transactions or agreements.