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GeekInterview.com > Interview Questions > Accounting
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Question: What is Contingent Liabilities?
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| July 07, 2007 06:23:45 |
#7 |
| rama krishna, chirala |
Member Since: Visitor Total Comments: N/A |
RE: What is Contingent Liabilities?
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| Contingent liability may be a liability or not will be decided by the future actions of the organisation. that means future actions will decide an activity as liability or not for example : if the government policy regarding taxation is pending, the trader is not in a position to decide the exact amount of tax. In this case the trader will decide the total liability of tax after the decision is finalised. |
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