Question

Under which Principle, Contingent Liabilities are shown
in the Balance Sheet?​

Answer 1

HERE IS YOUR ANSWER

The principle of full disclosure requires that all material and relevant facts concerning financial performance of an enterprise must be fully and completely disclosed in the financial statements and their accompanying footnotes. Hence, contingent liability is recorded in balance sheet as footnote.

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Answer 2

Answer:

The principle of full disclosure requires that all material and relevant facts concerning financial performance of an enterprise must be fully and completely disclosed in the financial statements and their accompanying footnotes. Hence, contingent liability is recorded in balance sheet as footnote.