WebLOSS CONTINGENCY means an existing condition, situation, or set of circumstances involving uncertainty as to possible charges against income, include those charges commonly referred to as " expenses ," to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur. Sample 1 Based on 1 documents WebDec 19, 2024 · A loss contingency refers to a charge or expense to an entity for a potential probable future event. A gain contingency refers to a potential gain or inflow of funds for an entity, resulting from an uncertain scenario that is likely to be resolved at a future time.
Contingent Definition & Meaning - Merriam-Webster
WebNov 11, 2024 · A contingent liability is primarily w ith in business contracts through the indemnity, warranty or guarantee provisions. Indemnit y. An indemnity provides you with the right f or compensat ion f or a specific … Webcontingency: [noun] a contingent event or condition: such as. an event (such as an emergency) that may but is not certain to occur. something liable to happen as an … fire in torquay
Contingent Liability: What Is It, and What Are Some …
WebApr 7, 2024 · A contingent liability is a specific type of liability, which may occur depending on the result of an uncertain future event. The contingent liability is then recorded if the contingency is likely the amount of the liability will be reasonably estimated by it. WebContingency (defined) An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur. What is not a contingency. 1) Depreciation estimates. WebSynonyms for CONTINGENT: delegation, team, squad, crew, delegacy, embassy, detachment, mission; Antonyms of CONTINGENT: regular, systematic, fixed, continuous, stable ... fire in topeka ks