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Question 1. Asked on :03 October 2020:11:40:32 AM

 Explain Contingent Liabilities?

-Added by nisha sheikh Accountancy » Gk Accounting

Answer:

nisha sheikh
Contingent Liabilities are potential obligations that may or may not become an actual liability. They may or may not be incurred by an entity, based on the outcome of an uncertain future event, e.g. – If an ex-employee of an ABC company sues it for gender discrimination for any particular sum, the company has a contingent liability. In case the company is found guilty, it will have a liability, and if it is not found guilty, the company will not have an actual liability.

-Answered by nisha sheikh On 03 October 2020:12:04:25 PM(20811Average Rating Based on rating)

 

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