What do you mean by contingent liability?
Answers were Sorted based on User's Feedback
Contingent liability is libility which may or may not occur
in future
Is This Answer Correct ? | 13 Yes | 0 No |
Answer / krishnaveni
contingent liabilities means these are not the real
liabilities future event can only decidethat is the
contingent liabilities
Is This Answer Correct ? | 7 Yes | 0 No |
Answer / shraddha
contingent liablity means the liability which may or may
not arise.
e.g. discounted bill with bank,arrears of dividend.
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / raju(sks micro finance)hyd
An obligation to an existing condition or situation which
may arise in future depending on the occurrence of one or
more uncertain future events.
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / aabid zulfi
Contingent liability
means it is a liability
which is shown in the
books of accounts but
is not actually payed.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / bapi ranjan dass
Contingent liabilities are those which are shown in the books of accounts but it may or may not payable in future.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / barodianbuddy(acca)
A POSSIBLE OBLIGATION THAT ARISES FROM PAST EVENTS AND WHOSE EXISTENCE WILL BE CONFIRMED ONLY BY OCCURRENCE & NON OCCURRENCE OF ONE OR MORE UNCERTAIN EVENTS. EG. UNCERTAIN EVENT, PENDING LEGAL DECISION.
Is This Answer Correct ? | 1 Yes | 0 No |
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