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What is contingent liability

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What is contingent liability

Posted by Sukhdeep Singh 6 years, 10 months ago

CBSE > Class 12 > Accountancy

2 answers

Rahul Ostwal 6 years, 10 months ago

Contingent liability is that liability which may become payable depending on a happening in future .....

Yogita Ingle 6 years, 10 months ago

A contingent liability is a liability that may or may not happen. This means there is uncertainty about recording such a liability in the financial accounts. This is because the happening or not happening of a contingent liability is not in the hands of the future. There are two ways contingent liability can be defined. One method involves a past event and the other one a future event. It is an obligation that may possibly arise from the occurrence or the non-occurrence of a certain future event. The company itself has no control over the said event.

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Posted by Munni Lal 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

Accounting for partnership Firms Fundamentals notes

Posted by Mohd Aman Mansoori 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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CBSE > Class 12 > Accountancy

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Posted by Riya Chandan 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Palak Kumari 3 months, 2 weeks ago

CBSE > Class 12 > Accountancy

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Posted by Palak Sharma 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Mahi . 1 year, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

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CBSE > Class 12 > Accountancy

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Posted by Shashank Shukla 1 year, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Tanishk Kabra 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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