Which item below is not a current liability? Select one: a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.