Define the Following Terms

question 31

Short Answer

Define the following terms:
-special assessments

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Definitions:

Contingent Liabilities

Potential liabilities that may occur depending on the outcome of a future event.

Contingency

An uncertain event or condition that can have a positive or negative impact on a company's financial position if it occurs.

Materialize

To become real or actual; in finance, it refers to the realization of expected results, risks, or events in tangible form.