Contingent liabilities do not fi nd any place in the balance sheet, yet these are the critical

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“Contingent liabilities do not fi nd any place in the balance sheet, yet these are the critical factor affecting the financial position of a business enterprise.” Explain.

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Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

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Question Posted: Dec 15, 2023 11:39 PM

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Contingent liabilities do not fi nd any place in the balance sheet, yet these are the critical

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Contingent liabilities are potential liabilities that may arise in the future depending on the outcome of uncertain future events These liabilities do not appear on the balance sheet but can have a si...View the full answer

Financial Accounting

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