A Contingent Liability

question 149

Multiple Choice

A contingent liability:

• A)Is always of a specific amount.
• B)Is a potential obligation that depends on a future event arising out of a past transaction or event.
• C)Is an obligation not requiring future payment.
• D)Is an obligation arising from the purchase of goods or services on credit.
• E)Is an obligation arising from a future event.

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Definitions:

Axon

The long, slender projection of a nerve cell that conducts electrical impulses away from the neuron's cell body.

Life-Support Center

A medical facility equipped to sustain human life artificially in situations where natural bodily functions are compromised.

Neurotransmitter's Action

The process by which neurotransmitters are released by a neuron, bind to and activate the receptors of another neuron.

Resting Potential

The difference in electric charge between the inside and outside of a resting neuron, providing the cell with the potential to generate an action potential.