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What is contingent Liability ? |
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Answer» Contingent liabilities are liabilities that may be incurred by an entity depending on the OUTCOME of an uncertain future EVENT such as the outcome of a pending LAWSUIT. orDescription: A contingent liability is a liabilityor a potential loss that may occur in the future depending on the outcome of a specific event. Potential LAWSUITS, product warranties, and pending INVESTIGATION are some examples ofcontingent liability. |
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