contingent liabilities

chandra mohan · #1 Apr 29, 2008, 10:08 AM

where do you place continget liabilities in balance sheet?

delite · Apr 29, 2008, 08:00 PM

i believe a contingent liability actually depends upon something to occur at some moment but time is not fixed.you would open a seperate catatagory for contningences, given them a fixed period to become noncontingnet liabilites.after period is over any contingences not recognized is just a note to the financial statement..



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