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What is contingent liability? ?? |
| Answer» Contingent liability is a potential\xa0liability\xa0that may occur,\xa0depending on the outcome of an uncertain future event. A contingent liability is recorded in the accounting records if the contingency is likely and the amount of the liability can be reasonably estimated. The liability may be disclosed in a footnote on the financial statements or not reported at all if both conditions are not met. | |