Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing...

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Which of the following is not a type of current liability? Choose one. Contingent liabilities. Pre-existing...

Which of the following is not a type of current liability? Choose one.
Contingent liabilities.
Pre-existing liabilities.
Current portions of long term debt.
Estimated liabilities.
Clearly determinable liabilities.

business accounting

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Answer 1

Answer #1

Correct answer---contingent liability.

Contingent liability is not a current liability. The amount of contingent liability depends on happening of an uncertain event. Contingent liabilities is not a part of balance sheet that we draw but only shown in notes to accounts.

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Answer 2

Answer #2

current liability

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Answer 3

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