A Contingent Liability Is a Potential,rather Than an Actual Liability,because

question 18

True/False

A contingent liability is a potential,rather than an actual liability,because it depends on a future event.

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Definitions:

Annual Rate

The interest rate for a period of one year, commonly used to compare investment or loan opportunities.

Market Basket

A selected set of goods and services used to track the price level or inflation in an economy.

Production Sector

An economic segment focused on the production of goods and services, including manufacturing and construction.

Consumption Sector

The part of an economy that represents the total spending of consumers on goods and services for personal use.