CONTINGENT ASSET Definition

CONTINGENT ASSET is a possible asset from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise.

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PRE-OPERATING COSTS are costs that are deferred until the related assets are ready for revenue service at which time the costs are charged to operations.

UNSECURED is obligation backed not by collateral but only by the integrity of the borrower. Opposite of secured.

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