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What is the meaning of Contingent Liability? Where is it
shown in the Balance Sheet?
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Answer Posted / sukanya reddy
contingent liabilities are those liabilities which may or
may not happen. they are contingent or dependant on future
event, which may or may not happen. example is lawsuit or a
legal proceeding. They are not reported as a liability in
the balance sheet. if it is significant it will be reported
into the notes to accounts in the financial statements.
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