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Short Answer on _______Contingent Liability
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Answer / om
contigent liability is one of the liability which is not a
actual liability of the company nor it is appeared on the
liability side of the balance sheet.
this type of liability are not necessary to be occured, it
depends on situations.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / swati jain
As per Accounting Standard (AS) 29 on 'Contingent
Liability', it is a possible obligation that arises from
past events and the existence of which will be confirmed
only by the occurrence or non-occurrance of one or more
uncertain future events not wholly within the control of
the enterprise.
It is not an actual liability hence not disclosed on the
liability side of Balance Sheet and disclosed on the face
of the Notes On Accounts thereby forming part of the
Financial Statements
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sumit
the liability which may or may not arise on the happening
or the non happening of the event and the event is
uncertain or unpredictable or beyond control . this is not
the liability and is not shown in the liability side of the
balance sheet unless the event becomes certain or
predictable or under full control .
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ganapathi raman
Contingent liability is a liability that arises due to the happening of a future event.
| Is This Answer Correct ? | 0 Yes | 0 No |
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