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What is contingent liability? Ex
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Answer / suresh.n
It is a liability which may or may not be arrise in future.
Ex: Court cases, Bill discounting.
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / santy
Contingent liability is the liability which is depend upon
happening of certain events in the future’s the liability
may be payable or may not be. So we need to consider this
liability in the financial statement.
| Is This Answer Correct ? | 6 Yes | 0 No |
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