D obliged himself to allow C the use of his car until C passes the CPA Examination. This is an example of: a pure obligation an obligation with a suspensive condition an obligation with a resolutory condition an obligation with a suspensive period

D obliged himself to allow C the use of his car until C passes the CPA Examination. This is an example of: a pure obligation an obligation with a suspensive condition an obligation with a resolutory condition an obligation with a suspensive period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

D obliged himself to allow C the use of his car until C passes the CPA Examination. This is an example of:

a pure obligation

an obligation with a suspensive condition

an obligation with a resolutory condition

an obligation with a suspensive period

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