General uncertainties, such as the effect of competition on a business's operations, are not accounted for as contingent liabilities.

Question

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Contingent liabilities are specific potential liabilities that may or may not occur in the future, and their existence depends on certain conditions or external factors. General uncertainties or risks that are inherent in a business's operations, such as the impact of competition, are not considered contingent liabilities.

General Uncertainties, Such as the Effect of Competition on a Business's