A contingent liability
a. is dependent on another company in order to occur
b. will result from a future event
c. cannot be estimated
d. is only remotely possbile.
e. is a potential liability that has arisen because of a past event or transaction.
Answer: E
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.