Multiple choice Which of the following is not a contingent liability? Bill discounted and dishonoured Bill discounted but not matured Uncalled liability on partly paid up shares Claims against business pending in the court Reveal answer Fill a bubble to check yourself A Correct answer Explanation Since the bill has been dishonoured, so it is a definite liability. Contigent liabilities are those which may or may not arise in the future. All the others mentioned above are contigent in nature.