What is a contingent liability? Give an example of a contingent liability that is usually...
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Accounting
What is a contingent liability? Give an example of a contingent liability that is usually recorded in the accounts in current period even though it is still a Contingent liability now (Not a liability). Under what circumstances is a contingent liability disclosed only in the notes to the financial statements ? Under what circumstances is a contingent liability not recorded in the accounts nor disclosed in the notes to the financial statements
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