Please Help: ACCOUNTS
Posted Date : 02-Aug-2012 , 02:52:17 pm | Posted By avijit
what is contingent liability?
Category : Accounts | Answers : 1 | Comments : 0 | Hits : 165
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Answer By: Krishna Chandra Santi
A contingent liability is nothing but it is the liability which became due on happening or non happening of a future event. But at the current time the happening of such future event is uncertain. It is shown as a foot note at the bottom of the balance sheet. Refer AS 4 for more details.
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