A contingent liability is an existing situation that might result in a loss depending on the outcome of a future event. True or False

True

Explanation:

A contingent liability is a liability that be loss depending on an event that will happen in the future such as pending lawsuits or honoring product warranty and pending investigation. Since the contingent liability is likely to occur, the amount of loss can be estimated and then recorded in the accounting records of the business or firm. They are recorded as an expense on the income statement and a liability on the balance sheet.

answer; (c) run the name by everyone you can;

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation: