what is contingent liability
Answers were Sorted based on User's Feedback
Answer / kirankumar
the probability of an obligations to pay certain sums
dependent on future events.
|Is This Answer Correct ?||24 Yes||4 No|
Answer / ziya anjum
contingent liability are those liability which will be paid or may not be paid in future are called contingent liability.
|Is This Answer Correct ?||8 Yes||1 No|
Answer / kiran
contingent liability is not a real liability,it is bocome a liability on condition,and it's shown in balance sheet foot note.
|Is This Answer Correct ?||4 Yes||0 No|
Answer / anand
It is not a real time liability whether future events can be decided whether it is a liability or not. It shows the balancesheet under footnote
|Is This Answer Correct ?||2 Yes||0 No|
Answer / vnktsh
contingent liability is a liability but it depends upon the happening of future event as usual it shown under liabilities
|Is This Answer Correct ?||2 Yes||1 No|
Answer / manik kakkar
A 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 probable and the amount of the liability can be reasonably estimated.
|Is This Answer Correct ?||0 Yes||0 No|
Answer / da
contingent liability which will show in balance sheet under footnote a
|Is This Answer Correct ?||6 Yes||8 No|
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