Contingent Fee, Contingent Liability, Continuous Processing, Contra-Asset Account

Contingent Fee, Contingent Liability, Continuous Processing, Contra-Asset Account :

Contingent Fee : a fee which is charged for services rendered based on the value of the services, for example, when a lawyer helps in recovering some compensation then he charges a particular percentage of the amount recovered

Contingent Liability : A particular amount that has been made available for the purpose of continuous incurring of costs, for example, a pending lawsuit : when one is made responsible for an act committed by a person who is not an employee of the company, for example, the act of negligence committed by an independent agent or representative

Continuous Processing : a process under which a particular line of processing has been developed in order to develop only one product and no other, for example, a line that has been developed in order to produce cars

Contra-Asset Account : An account in the ledger of a company which diminishes the actual value of an asset as depreciation

Contingent Fee

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