28. Which of the following statements best describes a contingent lability? O A contingent liability is a potential liablity that will be incurred if a natural The amount of a contingent liablity is known and will definitely have to be O A contingent liability is a potential liability that has arisen because of a past disaster happens paid in the future. transaction or event, but its ultimate outcome will not be known until a future event occurs or fails to occur O A contingent liability will only be incurred if a particular future event takes place