SHORT TERM DEBT is any debt owed by a company that is due and payable within one year. The debt is often made up of short-term bank loans the company is liable for.
CONTINGENCY is an existing condition involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) that will be resolved by future events. Estimates, such as the useful life of an asset, are not contingencies. Eventual expiration of the asset's utility is not uncertain.
DEBT INSTRUMENT is a written promise to repay a debt. Examples: notes, bills, bonds, CDs, GICs, commercial paper, and bankers acceptances.
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