A contingent liability is an existing,uncertain situation that might result in a loss.

Name: A contingent liability is an existing,uncertain situation that might result in a loss.
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A contingent liability refers to a situation where there is a possibility of a loss based on an existing condition, but the amount and timing of loss are not yet certain. Examples of contingent liabilities include pending lawsuits, product warranties, and potential tax assessments.

A Contingent Liability Is an Existing,uncertain Situation That Might Result