A Contingent Liability Is

question 83

Multiple Choice

A contingent liability is

• A) an unearned revenue.
• B) a potential obligation, the existence or amount of which depends on a future event.
• C) an amount owed to a state or local government.
• D) an amount related to an impairment loss on an intangible asset.

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Definitions:

Global Static Variable

A variable that is globally accessible within a file but its scope is limited to the file due to the static keyword, preventing external access.

Extended

Extended typically refers to a version of something that has been expanded or increased in scope.

Pass By Reference

A method where the memory address of a variable is passed to a function or a procedure, enabling direct modification of the original variable.

Address

A specific location in memory where data or instructions are stored.