Accounting:

In simple words, accounting is the process of recording, classifying, and analyzing the financial information of a company. This is not a single process as it includes many sub-processes under it. It requires specific knowledge.

Ethics:

Ethics in the accounting profession is defined as guidelines and principles. It includes laws and standards of behavior.

Contingent liability:

A contingent liability is a part of liability, It is a type of liability which may arise, it is uncertain. There are many types of contingent liability like Law case, A change in govt. policy, Product warranty, etc.