Match the terms with the definitions.
-A potential liability that may become a real liability depending on future events.
A)term of the note
B)accrued interest on notes receivable
C)bank discount (note payable)
D)bank discount (note receivable)
E)contingent liability
F)rate of interest
G)discounting (note payable)
H)payee
I)notes receivable register
J)non-interest-bearing note
K)interest-bearing note

Question

Quizplus · Accepted Answer

A contingent liability is a potential liability that may become a real liability depending on future events.

Match the Terms with the Definitions