Contingent liability and when they must be included in the financial statements.

May 5th, 2015
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Understand what is meant by contingent liabilities and when they must be included in the financial statements with definition and example .

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Question : Understand what is meant by contingent liabilities and when they must be included in the financial statements?Answer: A contingent liability is a potential loss that may occur at some point in the future, once various uncertainties have been resolved. A contingent liability is not yet an actual, confirmed liability. The exact status of a contingent liability is important when determining which liabilities to present in the balance sheet or in the attached disclosures. A contingent liability is of interest to the financial analyst, who wants to understand the probabili

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