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Categories  >>  Accounting  >>  Accounting General
 
 


 

 
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Question
what is contingent liabilty, how it shows in balance sheet?
 Question Submitted By :: Hussain
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is contingent liabilty, how it shows in balance sheet?
Answer
# 1
Contingent liablity is contingnet in nature and is largely 
depend upoun the outcome of future event . It the outcome 
of future event will going the confirm the liablity then it 
would prudence practice to recognise the same in the books 
and otherwise only notes is require to be given in notes to 
accounts .
 
Is This Answer Correct ?    3 Yes 0 No
Suresh Jankar
 

 
 
 
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