Question

Contingent liability are the lability which are

Answer 1

Answer:

A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. A contingent liability is recorded if the contingency is likely and the amount of the liability can be reasonably estimated. The liability may be disclosed in a footnote on the financial statements unless both conditions are not met.

Explanation:

Answer 2

A contingent liability is a liability or a potential loss that may occur in the future depending on the outcome of a specific event.

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