CONTINGENT Definition

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

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JOINT COSTS are costs incurred to produce a certain amount of two or more products where the cost of producing one product cannot be logically isolated and cost allocation is arbitrary. Simplified, they are the costs of a single production process that yields multiple products simultaneously.

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

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