what does a contingency note contain?
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Contingency note contain future obligations of a company that may result depending on change of circumstance. The loss amount can be reasonably estimated and a future loss can be encountered.
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Answer :- Contingency are potential liabilities that might result becouse of past event . The likelihood of loss or the actual amount of the loss is still uncertain , reasonably possible losses are described in the notes and remote contingencies can be omitted entirely from financial statements .
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