Accounting Capital Premium > Quiz – Contingent Liabilities – MCQ

Quiz – Contingent Liabilities – MCQ

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  • Time Limit: Unlimited
  • Level: Easy to Medium
  • Question Type: MCQs
  • Passing Score: 90%
  • No. of Questions: 13
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Outstanding expense is a contingent liability.

If there is a remote chance for occurrence of a contingent liability, it is _____.

Letter of credit issued is a contingent liability.

Contingent liability is recorded only when it virtually certain.

For a business, being a ‘guarantor’ may lead to a future contingent liability.

Contingent liabilities are recorded as soon as they can be _____.

Payment for _____ may be a contingent liability.

Which of the following is an example of contingent liability?

Contingent liabilities are disclosed on _____.

A _____ in a court case usually results in a contingent liability for the business.

Contingent liability may occur depending upon _____ future event.

Contingent Assets are treated like Contingent liabilities.

The word ‘Contingency’ means _____.

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