Contingent liabilities may be classified as:

Name: Contingent liabilities may be classified as:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Contingent liabilities can be either current or long-term in nature, depending on the timing of the potential future obligation. They are disclosed in the notes to the financial statements, but are not recognized as actual liabilities on the balance sheet unless it is probable that a loss will occur and the amount can be reasonably estimated.

Contingent Liabilities May Be Classified As