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A ______ is a potential obligation that may arise from an event that has not yet occurred.

A ______ is a potential obligation that may arise from an event that has not yet occurred.

ایک ______ ایک ممکنہ ذمہ داری ہے جو کسی واقعے سے پیدا ہوسکتی ہے جو ابھی تک نہیں ہوا ہے۔
Explanation
  • A contingent liability is a potential obligation that depends on a future event (e.g., lawsuits or guarantees).
  • It is recorded in financial statements only if the probability of occurrence is high and the amount can be estimated.