what are contingent liabilities?

Question Posted / priya

4 Answers
6754 Views
HP, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

what are contingent liabilities?..

Answer / rakesh kumar prasad

contingent liabilities are those liabilities which become
payable on the happening of the an event. in case, the event
does not take place or happens, no amount is payable. such
liabilities are not shown in the balance sheet but these are
revealed by note.

examples
liabilities in respect of bills
disputed claims
guarantee for loan, etc.

Is This Answer Correct ?

16 Yes

2 No

what are contingent liabilities?..

Answer / ammu

. The possibility of an obligation to pay certain sums
dependent on future events.

2. Defined obligations by a company that must be met, but
the probability of payment is minimal.

Is This Answer Correct ?

1 Yes

0 No

what are contingent liabilities?..

Answer / shivani

Contingent liabilities are those liabilities which are not
the actul liabilities on the date of preparing Balance
sheet.Contingent liabilities are actual or not will be
decided in future upon certain happening.These liabilities
are shown as a note at the end of the balance sheet, these
liabilities are note included in the Balance sheet.

Is This Answer Correct ?

2 Yes

2 No

what are contingent liabilities?..

Answer / abhinandan singh rajput

Contingent liability means the liability which arise or may
it not be arise in the financial year.there was no gurantee
to come in the financial year it may arise or not its
called contingent liability.
for e.g.Past outstanding bill
claims
bill etc.

Is This Answer Correct ?

0 Yes

0 No

Post New Answer

More Accounting General Interview Questions

What we have to post entry for payroll processing ? (Indian payroll)

0 Answers Tally Solutions,

what is the difference between depreciation in account books and depreciation as per income tax act

2 Answers

The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.

0 Answers

What is difference between Expense and Expenditure ? Please explain in detail..

4 Answers Chevron,

What is Accruals ? How it is treated in finacials

1 Answers MRF,

What is absorption costing with defination? and what is marginal costin with defination?

0 Answers

what is the difference between derivatives and swaps

9 Answers Capital IQ, FactSet Systems,

What do we mean by purchase return in accounting?

0 Answers

HOW CAN WE CONVERT IN CFT TO A ROUND LOG??