A Basic Difference Between Contingent Liabilities and "Real" Liabilities Is

Multiple Choice

A basic difference between Contingent Liabilities and "real" liabilities is:

A) Liabilities stem from past transactions; Contingent Liabilities stem from future events.
B) Liabilities always are recorded in the accounting records, whereas Contingent Liabilities never are.
C) The extent of uncertainty involved.
D) Liabilities can be large in amount, whereas Contingent Liabilities are immaterial.