CONTINGENT Definition

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CONTINGENT is a result that is determined by conditions or circumstances not yet established.

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ACTUAL COST is the amount paid for an asset; not its retail value, market value or insurance value.

NON-EXPENDABLE PROPERTY is durable (e.g., equipment and furniture), lasting for a year or longer, and generally has a high dollar value. Non-expendable property must be accounted for throughout its useful life.

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