Contingent Liabilities

Business, Legal & Accounting Glossary

Definition: Contingent Liabilities


Quick Summary of Contingent Liabilities


Obligations that are not recognised in the balance sheet because they depend upon some future event happening.



What is the dictionary definition of Contingent Liabilities?

Dictionary Definition


liabilities not recorded on a company’s financial reports, but which might become due. If a company is being sued, it has a contingent liability that will become a real liability if the company loses the suit.


Full Definition of Contingent Liabilities


Liabilities that may or may not be incurred by a company and which depend on the outcome of say a forthcoming event such as a court case. These are recorded in a company’s accounts as contingent liabilities.


Synonyms For Contingent Liabilities


contingent liability, contingencies, possible commitments, possible liability, potential liabilities

Cite Term


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Page URL
https://payrollheaven.com/define/contingent-liabilities/
Modern Language Association (MLA):
Contingent Liabilities. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 04, 2020 https://payrollheaven.com/define/contingent-liabilities/.
Chicago Manual of Style (CMS):
Contingent Liabilities. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/contingent-liabilities/ (accessed: July 04, 2020).
American Psychological Association (APA):
Contingent Liabilities. PayrollHeaven.com. Retrieved July 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/contingent-liabilities/

Definition Sources


Definitions for Contingent Liabilities are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 4 Views.