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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Commerce
Contigent liabilities means plz explain in easy wording
contigent liabilities means and plz plz tell me how i prepare ques for bus env
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Rahul
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Contigent liability is the liability which does not accrue at present time , but may arise in future.. it does not show in the financial statement in any heading but company may show it in footnotes. for example- company gives the guarantee to any person... it is a contigent liability,, which does not accrue in real time , but in case of failure of non payment ,, it may arise in future..
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Rucha rajesh shingvekar
Description: A contingent liability is a liability or a potential loss that may occur in the future depending on the outcome of a specific event. ... Potential lawsuits, product warranties, and pending investigation are some examples of contingent liability.