QUESTION 23 Which of the following statements about contingent liabilities is NOT true? Contingent liabilities are potential liabilities based on some future event. Contingent liabilities are not real liabilities. Contingent liabilities are included on the balance sheet. Debt guarantee of a subsidiary's loan is a good example of the contingent liability. QUESTION 24 Which of the following statements about the Fair Labor Standards Act (FLSA) is true? FLSA known as the federal wage and hour law, covers such things as equal pay for equal work. To comply with the FLSA, employers must keep records of the time worked by hourly employees. Certain small hospitality operations are not subject to the FLSA. All of the above. QUESTION DE