Define the term contingent liability and discuss the criteria used to classify these events or conditions. Provide

Question:

Define the term "contingent liability" and discuss the criteria used to classify these events or conditions. Provide some examples of .

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...