Accountancy, asked by sitholetabitha, 23 days ago

what does a contingency note contain?

Answers

Answered by anushree92004
5

Answer:

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.

Answered by siwachsanjay114
0

Answer:

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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