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What is contingent liability? ??

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What is contingent liability? ??

Posted by ?????? ???? . 6 years ago

CBSE > Class 11 > Accountancy

1 answers

Gaurav Seth 6 years ago

Contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event. A contingent liability is recorded in the accounting records if the contingency is likely and the amount of the liability can be reasonably estimated. The liability may be disclosed in a footnote on the financial statements or not reported at all if both conditions are not met.

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