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What is contingent liability?
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Answer Posted / sultan raza
A contingent liability is a liability which a company has
to show in balance sheet and if that liability doesnt occur
in thew future then the company need not pay. For example
the Guarantees extended are Contingent Liabilitys. it
should be shown in the Notes to Accounts under the B/S
| Is This Answer Correct ? | 15 Yes | 19 No |
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