Question 1 4.75 pts What is the definition of the contingent liability account? An existing, uncertain situation that might result in a loss. The amount of long-term debt principal payable within the next 12 months Sales taxes collected from customers to be remitted periodically to the state and local governments O Based on the matching principle, the company needs to record warranty expense in the same accounting period as the sale Question 2 4.75 pts What is the definition of a callable bond? Lender can convert bonds into a specified number of shares of common stock. O Bonds that are backed by collateral O Bonds that are not backed by collateral O Bond issue that matures (principal due) on a single date. Borrower can pay off bond early at a specified call price. O Bond issue that matures (principal due)in installments