Question

What will a contingency note contain?

Answer 1

Explanation:

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Answer 2

Answer:

Contingency Note contains the possible future obligations of the company that may arise as per the situations or circumstances. It contains the liabilities of the company.

Explanation:

• A contingency is a possible occurrence of a negative or adversely affecting event in future.

• Contingency Note contains the possible future obligations of the company that may arise as per the situations or circumstances.

• A reasonable loss amount is estimated, based on which future losses can be encountered. However, the actual loss or liability still remains uncertain.

• Potential lawsuits, pending investigation and product warranties are some examples .

• It contains the liabilities of the company.

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