What are Contingent Liabilities? Explain with examples.
Answers
Answered by
1
those liabilities which are dependent on a future event are known as contingent liabilities
for ex pending lawsuit on a company
company may loss the case or may also win it
They are shown in notes to account in financial statements
for ex pending lawsuit on a company
company may loss the case or may also win it
They are shown in notes to account in financial statements
Answered by
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. Potential lawsuits, product warranties, and pending investigation are some examples of contingent liability.
Similar questions