Multiple Choice
Which of these would be defined as contingent liabilities?
I.A loan from a financial institution
II.An unresolved lawsuit bought against the entity for breach of health and safety regulations
III.An agreement to act as guarantor for another firm's borrowings
IV.A bank overdraft
A) I,II,IV
B) II,III
C) I,II
D) I,III
Correct Answer:
Verified
Correct Answer:
Verified
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