Which of These Would Be Defined as Contingent Liabilities

question 8

Multiple Choice

Which of these would be defined as contingent liabilities?
I.A loan from a financial institution
II.An unresolved lawsuit bought against the entity for breach of health and safety regulations
III.An agreement to act as guarantor for another firm's borrowings
IV.A bank overdraft

• A)I,II,IV
• B)II,III
• C)I,II
• D)I,III

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