What is contingent liability?
Answer Posted / pravin kale
Contingent liabilities are 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. The likelihood of
loss is described as probable, reasonably possible, or
remote. The ability to estimate a loss is described as
known, reasonably estimable, or not reasonably estimable.
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hey! i have an interview for PO in union bank on 11th feb. can anyone please tell me what major topics should i prepare for? of course npa is there. also cibil and basel basics. is there anything else i should prepare?
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