Please Define the Following Key Terms

question 31

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Gaius Gracchus

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Definitions:

Contingent Liability

A potential financial obligation that may occur in the future depending on the outcome of a specific event.

Lawsuits

Legal actions or proceedings brought by one party against another for enforcing or defending a legal right.

Known Liabilities

Obligations or debts of a business that are quantifiable and for which the entity is certain about the amount and timing of payment.

Times Interest Earned Ratio

A financial metric that measures a company's ability to meet its interest obligations based on its current earnings.