Contingent liabilities arise from past transactions or events but also depend on future events.
BT: Knowledge

Name: Contingent liabilities arise from past transactions or events but also depend on future events. BT: Knowledge
Brand: Quizplus
Rating: 4.9 (42 reviews)

Question

Quizplus · Accepted Answer

Contingent liabilities are potential obligations that may or may not occur in the future depending on the outcome of uncertain events or circumstances. Therefore, they arise from past transactions or events, but their existence and magnitude depend on uncertain future events.

Contingent Liabilities Arise from Past Transactions or Events but Also