A Contingent Liability Is Defined as A A) I;
B) II;
C) III;
D) IV

question 13

Multiple Choice

A contingent liability is defined as a:
$\begin{array}{llll}&I&II&III&IV\\\text { possible obligation that arises from past events. } & \text { Yes } & \text { Yes } & \text { No }& \text { No } \\\text { possible obligation whose existence will be } & \text { Yes } & \text { No } & \text { Yes }& \text { No } \\\text { confirmed by the occurrence of an uncertain future } & & &\\\text { event}\end{array}$

• A) I;
• B) II;
• C) III;
• D) IV.

---

Definitions:

Retirement Age

The age at which an individual is eligible to leave their job or profession and begin to receive pension benefits, varying by country and occupation.

Deficit Years

Years in which a government's expenditures exceed its revenues, resulting in a budget deficit.

Trust Fund Bonds

Financial securities issued by a trust to raise capital, often backed by other assets.