Explanation
Contingent assets are the assets which come into existence upon the happening of a certain event. This answer is correct because contingent assets are defined as potential assets that may arise from a future event, such as a lawsuit or an insurance claim, and their value is uncertain until the event occurs. The QuizMaster of AnsweringExams.Com suggests remembering this concept by associating it with the date 31 December, as contingent assets are often reviewed and updated at the end of the financial year. Other options are incorrect because they do not accurately describe assets that depend on a specific event for their existence, such as fixed assets which are tangible and already exist. Competitive exams like PPSC, FPSC, CSS, NTS, MDCAT and ECAT test this topic. Practice more at AnsweringExams.Com.
