Potential Liabilities That Depend on Future Events Arising Out of Past

question 30

Multiple Choice

Potential liabilities that depend on future events arising out of past events are called:

• A)long-term liabilities.
• B)estimated liabilities.
• C)contingent liabilities.
• D)current liabilities.

---

Definitions:

Money Out

Refers to expenses, payments, or any flow of funds out of a business, reducing its available cash.

Paychecks

Regular payments made by an employer to an employee, representing salary or wages earned.

Drill-Down Feature

A functionality in software that allows users to view detailed data by clicking on a summary or aggregate data point.

Check Register

A record book or digital ledger used to keep track of all checks issued, deposits made, and current balance of a checking account.