What is Contigent Libilites
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Answer / payal gupta
Liability that may or may not be incurred by an entity
depending on the outcome of a future event.
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Answer / h.r. sreepada bhagi
Liability that may arise after the Balance Sheet date due to
happening or not-happening of an event. This need not be
shown in the Balance sheet,a s quantification may not be
possible, but needs to be shown in the Notes to Accounts.
Example : Guarantee given to a third part borrowing, Suits
pending in courts of law, etc.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / suri
Contingent liability may be defined 'A possible obligation
that arises from past event whose existance will be
confirmed only after occurence or non-occurence of one or
more uncertain future events.
or
either outflow of resources to settle obligation is not
probable or the amount can not be expected to settle
liability with sufficient reliability are called contigent
liability
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / chandu
Contingent Liability nothing but liability It will occures Uncertain future events like product warranty, court cases ..
| Is This Answer Correct ? | 1 Yes | 1 No |
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