Accounting · Contingent Liabilities
Which of the following statements about contingent liabilities is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1They are recorded in the books of accounts.
- 2They are provided for in the main accounts.
- 3They are shown as a liability in the balance sheet.
- 4They are disclosed as notes to accounts.✓
Correct answer
They are disclosed as notes to accounts.
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