Question

What will a contingency note contain?​

Answer 1

Answer

Liabilities of a company

Explanation:

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.

Ref... CFI

Answer 2

Answer:

A disclosure of future contracts to be performed.

Explanation

• Contingencies are potential liabilities that might result because of past event
• The likelihood of loss or actual amount of loss is still uncertain
• reasonably in the notes and remote contingencies can be omitted entirely from financial statements.
• A contingent liability is a liability or a potential loss that may occur in the future depending on the outcomes of a specific event
• Potential lawsuits, product warranties and pending investigation are some examples .

Hence, a disclosure of future contracts to be performed.