Contingent liability
From Financialjargon
Definition of Contingent liability
A liability where the amount and/or likelihood of payment are uncertain. As such no specific provision is made for this amount.
Other Financial Statements terms
- Asset
- Capital Employed
- Cost of Goods Sold
- Cost of Sales
- Creditors
- Current Assets
- Current liabilities
- Cash assets
- Debtors
- Exceptional item
- Fixed Assets
- Gross margin
- Gross profit
- Intangible Assets
- Liability
- Net profit
- Operating expenses
- Operating profit
- Retained earnings/profits
- Revenue (alternatively, sales or turnover)
- Share capital
- Share premium account
- Shareholders' funds-Equity
- Stock
- Taxable profits
- Year-end
