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Which would best describe a contingent liability

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Reference no: EM132953322

Problem 1: Which of the following would best describe a contingent liability?

Option 1: An obligation to transfer services instead of cash to settle a liability.

Option 2: An obligation where the costs will be covered by insurance.

Option 3: An obligation with a high degree of uncertainty about the amount or timing of the payment.

Option 4: An obligation with a low degree of uncertainty about the amount or timing of the payment.

Reference no: EM132953322

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