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 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question 
what is the accounting treatment for contingent laibility?
 Question Submitted By :: Pavanlingam
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is the accounting treatment for contingent laibility?
Answer
# 1		 
There is no Accounting treatment for contingent liability
According to AS3 we have to disclose it below the balance 
sheet.

But the estimation of the contingent liability is very 
important as it has to known by the investors.

If you clearly known the out come of the liability then you 
can make a provision.
 
Is This Answer Correct ?    3 Yes 0 No
Kishore (ciq)
 
  Re: what is the accounting treatment for contingent laibility?
Answer
# 2		 
it is shown in liabilities side in Balance Sheet as note, 
and not added.
 
Is This Answer Correct ?    0 Yes 0 No
Shubhansh
 
 
 

 
 
 
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