An existing condition, situation or set of circumstances that involves uncertainty as to a possible gain, that will be resolved when one or more future events occur or fail to occur is:
A) a contingent liability.
B) a contingent asset.
C) projected event.
D) estimated value.

Question

Quizplus · Accepted Answer

A contingent asset is a potential economic benefit that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

An Existing Condition, Situation or Set of Circumstances That Involves