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What is the meaning of contingent assets?

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Contingent asset: possible future asset confirmed only on occurrence or non occurrence of uncertain events not wholly within the person's control.
Contingent Asset denotes a possible asset arising from past events whose existence will be confirmed only by the occurrence or non occurrence of one or ... Summary

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Contingent asset: possible future asset confirmed only on occurrence or non occurrence of uncertain events not wholly within the person's control.

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