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what in contingent liabilities
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Answer / pranay
Contingent liability is that liability which may or may nt
occur in future
| Is This Answer Correct ? | 16 Yes | 1 No |
Answer / sonipiyushsoni
Contigent Liability is the possibility of an obligation to
pay certain sum dependent on future events. For
Example "Outstanding Law Suit"
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / rana ghosh dastidar
Contingent liability is that liability which dependent on
future events.That is if the particular enent occur the the
liability will arise otherwise may not be arise.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / krishna reddy
contigent liability is that which depends on the future
happenings. its payment is depend on the future decession.
it is shown under the balance sheet as a foot note
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / jeevan
Contingent liabilities that may or may not be incurred by an entity depending on the outcome of a future event such as a court case. These liabilities are recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable. A footnote to the balance sheet describes the nature and extent of the contingent liabilities.
Examples
outstanding lawsuits
Accounts payable-Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet.
Liability
Liquidated damages
Tort-ort law is a body of law that addresses, and provides remedies for, civil wrongs not arising out of contractual obligations.
Bills Discounted with bank
Unliquidated damages-Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance).
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / jyoti agrawal
contingent liability is that liability whose occurence is
not sure in the future.it comes as a foot note in the
balance sheet
| Is This Answer Correct ? | 0 Yes | 0 No |
Breif notes about accounting standards
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