A Contingent Liability Is Defined as A A) I;
B) II;
C) III;
D) IV

A contingent liability is defined as a:
$\begin{array}{llll}&I&II&III&IV\\\text { possible obligation that arises from past events. } & \text { Yes } & \text { Yes } & \text { No }& \text { No } \\\text { possible obligation whose existence will be } & \text { Yes } & \text { No } & \text { Yes }& \text { No } \\\text { confirmed by the occurrence of an uncertain future } & & &\\\text { event}\end{array}$

A) I;
B) II;
C) III;
D) IV.

Correct Answer:

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