Which of the Following Would Be Defined as Contingent Liabilities

question 55

Multiple Choice

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

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

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Definitions:

Weight Reaches

A term referring to the point at which an individual or object attains a particular weight.

Integumentary System

The largest organ system by surface area, comprising skin, hair, nails, and sweat glands and their products (sweat and mucus). It distinguishes, separates, and protects. The name derives from the Latin integumentum, which means “a covering.”

Vomiting

The forceful expulsion of the contents of one's stomach through the mouth, often a symptom of illness or distress.

Pregnancy

The condition of carrying one or more offspring inside the womb of a female, from conception until birth.