Which of the Following Is a Contingent Liability

question 7

Multiple Choice

Which of the following is a contingent liability?

• A)Note payable with interest included in face amount
• B)Excise tax payable
• C)Property tax liability
• D)Disputed additional tax assessment

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Definitions:

Beta Cells

Cells located in the pancreas that produce and secrete insulin, a hormone that regulates blood glucose levels.

Phosphorylation

Addition of phosphate to an organic compound.

Active Transport Molecules

Substances involved in the movement of ions and other molecular substances across cell membranes against a concentration gradient, requiring energy.

Plasma Membrane

A bi-layer of lipids with embedded proteins that surrounds a cell, controlling the movement of substances in and out of the cell.