CONTINGENT Definition

Bookmark and Share

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

Learn new Accounting Terms

INTEGRATED TEST FACILITY is where a fictitious unit, e.g., an employee or department, is established to where sample transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed correctly that provides evidence that transactions of other units are processed correctly as well.

RESERVE is an accounting entry that properly reflects contingent liabilities.

Suggest a Term

Enter Search Term

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