Which of the Following Situations Results in a Contingent Liability

question 55

Multiple Choice

Which of the following situations results in a contingent liability?

• A)Making a credit card sale
• B)Dishonoring a note
• C)Estimating uncollectible accounts expense
• D)Discounting a note

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Definitions:

Religious Attendance

The act of participating in religious services or activities, often used as a measure of religious involvement or commitment.

Mental Health

Pertains to the emotional, psychological, and social well-being of an individual, affecting how they think, feel, and act.

Emotional Support

Assistance through empathy, concern, encouragement, and care aimed at bolstering an individual's emotional state.

Sense Of Belonging

The feeling of being accepted and included in a social, emotional, or professional group.