INTERVIEW QUESTIONS ACCOUNTING PROCESS CONTINGENT ASSETS AND CONTINGENT LIABILITIES DETAILS

Question: Contingent liabilities are shown: a) As current liability b) As capital fund c) As footnotes to balance sheet d) As reserves

Answer: (c) As footnotes to balance sheet
Description: Contingent liabilities are shown as a footnote in the balance sheet as these are not to be made a part of the balance sheet as the liabilities are contingent and uncertain to occur.

(c) As footnotes to balance sheet
Description: Contingent liabilities are shown as a footnote in the balance sheet as these are not to be made a part of the balance sheet as the liabilities are contingent and uncertain to occur. Source: CoolInterview.com

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