Explain with an example the difference between current liabilities, provisions and contingent liabilities .

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Explain with an example the difference between current liabilities, provisions and contingent liabilities.
Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...
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Introduction To Financial Accounting

ISBN: 978-0077138448

7th edition

Authors: Anne Marie Ward, Andrew Thomas

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