Knowledge Check 01 Which of the following statements describe a contingent liability? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 1 A potential liability that arises as a result of current transactions or events 2 A potential liability that arises as a result of future transactions or events A potential liability that arises as a result of past transactions or events 1 Ultimate resolution depends on a current event Ultimate resolution depends on a future event 1 Ultimate resolution depends on a past event