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In: Accounting

What does the term "contingent" mean and shouldn't we consider it definition when we talk about...

What does the term "contingent" mean and shouldn't we consider it definition when we talk about "contingent liabilities"?

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Ans : Contingent meaning:

* Contingent can be used to describe something that can occur only when something else happens first. Making money is contingent on finding a good-paying job. When an event or situation is contingent, it means that it depends on some other event or fact.

* Yes, we consider consider it definition when we talk about "contingent liabilities".

ekkarill92 answered 2 years ago
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