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What is the Accounting Treatment for Contingent Liability ?
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Answer / naresh_l
Contingent Liability is not an actual liability therefore it
is not recorded in b/s. they appear as a footnote to b/s.
| Is This Answer Correct ? | 31 Yes | 12 No |
Answer / uzair
It may be come an liability on happening of certain event Contingent Liability is not an actual liability. two terms are important in it probable and possible. if it is probable then will appear as a footnote and under non-current liabilities in b/s. and if possible then only as a footnote to b/s.
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / ekhlaque amin
It may be come an liablity on happening of certain event .
for example : when order is placed for a credit purchase
| Is This Answer Correct ? | 10 Yes | 6 No |
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