CONTINGENT ASSET Definition

Bookmark and Share

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.

Learn new Accounting Terms

IN-KIND is the value of goods or services provided for which money would have otherwise been paid.

OFF-BALANCE SHEET LIABIILITY is an item not reported within the body of a financial statement as a liability that may require future payment or services, e.g., litigation, renegotiated claims within a government contract, and guarantees of future performance.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.