Where are contingent liabilities required to be disclosed in the financial reports?

Question

Quizplus · Accepted Answer

Contingent liabilities are typically disclosed in the notes to the financial reports. This is because they are not certain obligations and may potentially become liabilities depending on the outcome of future events. The other options listed do not accurately reflect how contingent liabilities are typically reported in financial statements.

Where Are Contingent Liabilities Required to Be Disclosed in the Financial