What are contingent liabilities ? Are lawsuits against the firm contingent liabilities ?

Question:

What are contingent liabilities? Are lawsuits against the firm contingent liabilities?

Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: