Which of the following is NOT one of the five major groups of accounts?

The correct answer is that contingent liabilities are not one of the five major groups of accounts, primarily because they constitute a specific type of liability rather than a standalone category in the fundamental accounting equation.

In traditional accounting, the five major groups of accounts are Assets, Liabilities, Equity, Revenue (or Sales), and Expenses. These categories form the basis for financial reporting and financial statements. Each of the major groups serves a distinct purpose in representing a company’s financial position and performance.

Contingent liabilities, on the other hand, refer to potential obligations that may arise in the future depending on the outcome of a specific event, such as a lawsuit. While it's essential to recognize and account for contingent liabilities, they are typically classified under the broader category of liabilities rather than being considered a major group themselves. This differentiation is critical for understanding the overall financial picture of an organization.