Theoretical FrameworkQ-2 | Contingent Assets and Contingent LiabilitiesQuestion 4973 of 110
All Questions

In the financial statement, contingent liability is recognized.

Options

A
B
C
D
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Correct Answer

✅ Option — Correct Option

All Options:

  • A
  • B
  • C
  • D

Detailed Solution & Explanation

False: In the financial statement, contingent liability is not recognized.

Key Concepts to Understand

Contingent Liability

A potential liability that may occur depending on the outcome of an uncertain future event.

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