In accounting terms, a liability is an amount that you owe a creditor. Liabilities generally fall into two categories -- current and long-term. Current liabilities include debts you owe that you ...

A contingent liability is a potential expense that is not certain to occur in the future, and a company must satisfy a particular set of conditions before realizing the liability. Generally accepted ...

Trustees need to ensure schemes have enough money to pay pensions now and in the future, but for business reasons, employers may not want to tie up their money in the scheme. Contingent assets can ...