CONTINGENT ASSET Definition

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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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CURRENT LIABILITIES are liabilities to be paid within one year of the balance sheet date.

LAND, in terms of accounting, is the value of real estate less the value of improvements, e.g. buildings.

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