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Bill of Exchange — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBill of Exchange1 Mark
MCQ
Contingent liabilities includes ______.
  • A
    Bills discounted before maturity
  • B
    Guarantee undertaken
  • C
    Cases pending in the court of law
  • ✓
    All the three
✓

Answer

Correct option: D.
All the three
A contingent liability is a liability that may or may not happen. This means there is uncertainty about recording such a liability in the financial accountsPotential lawsuits, product warranties, and pending investigations are some examples of contingent liability.

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