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Define contingent liabilities ?

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Question added by Waqar Hussain , Finance Officer , Kalim Associates
Date Posted: 2014/10/11
Ahmed kandil
by Ahmed kandil , Cost Controller , Battour Holding Cpompany

Contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of a uncertain future event such as a court case. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or 'worst case' financial outcome

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