Question

whats are contingent liabiltiy?how are they treated​

Answer 1

${\huge{\underbrace{\tt{\mathbb{\bigstar{ANSWER⇝↴↴}}}}}}$

ᴄᴏɴᴛɪɴɢᴇɴᴛ ʟɪᴀʙɪʟɪᴛʏ ɪs ᴛʜᴇ ʙᴇsᴛ ɢᴜᴇssᴛɪᴍᴀᴛᴇ ʙʏ ᴛʜᴇ ᴄᴏᴍᴘᴀɴʏ ᴏғ ᴀ sɪᴛᴜᴀᴛɪᴏɴ ᴛʜᴀᴛ ᴍɪɢʜᴛ ᴛᴜʀɴ ɪɴᴛᴏ ᴀ ʟɪᴀʙɪʟɪᴛʏ. ᴡʜᴇᴛʜᴇʀ ᴏʀ ɴᴏᴛ ᴀ ᴄᴏɴᴛɪɴɢᴇɴᴛ ʟɪᴀʙɪʟɪᴛʏ ᴛᴜʀɴs ɪɴᴛᴏ ᴀɴ ᴀᴄᴛᴜᴀʟ ʟɪᴀʙɪʟɪᴛʏ ᴅᴇᴘᴇɴᴅs ᴏɴ ᴛʜᴇ ʜᴀᴘᴘᴇɴɪɴɢ ᴏғ ᴀ ғᴜᴛᴜʀᴇ ᴇᴠᴇɴᴛ

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Hᴏᴡ ᴛʜᴇʏ ᴛʀᴇᴀᴛᴇᴅ?

ᴄᴏɴᴛɪɴɢᴇɴᴛ ʟɪᴀʙɪʟɪᴛɪᴇs sʜᴏᴜʟᴅ ɴᴏᴛ ʙᴇ ʀᴇᴄᴏɢɴɪᴢᴇᴅ ɪɴ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ sᴛᴀᴛᴇᴍᴇɴᴛs, ʙᴜᴛ ᴍᴀɴʏ ʀᴇϙᴜɪʀᴇs ᴅɪsᴄʟᴏsᴜʀᴇ.

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I hope it helped you☺️✌

Answer 2

Answer:

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