Question
Contingent Liabilities should be reflected by a business
organization as the possible future obligations. In which of the following statements are Contingent liabilities shown?ÂSolution
Contingent Liabilities are not the present liabilities therefore they should not be disclosed as a Balance Sheet Item which shows the Assets and Liabilities as on date. These liabilities become proper liabilities only on the happening of an uncertain future event therefore comes under Notes to accounts.Â
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DE JURE head of Union is?
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