Business, Legal & Accounting Glossary
Contingent liabilities are liabilities that may or may not be incurred by a company and which depend on the outcome of a forthcoming event such as a court case. These are recorded in a company’s accounts as contingent liabilities under accounts payable. Such liabilities are not shown in the balance sheet, usually, a footnote is appended at the balance sheet for such liability.
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This glossary post was last updated: 18th April, 2020 | 2 Views.