Posted by Pankaj Kumar 1 year, 3 months ago
A contingent liability is a potential liability...it depends on a future event occurring or not occurring. For example, if a parent guarantees a daughter's first car loan, the parent has a contingent liability. If the daughter makes her car payments and pays off the loan, the parent will have no liability. If the daughter fails to make the payments, the parent will have a liability.
Accounting examples :
Posted by Daniel Khaidem 1 year ago
Posted by Sneha Pathak 2 years ago
Posted by Shaili Shah 1 year, 9 months ago
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