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What is Contingent Liability

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(Querist)
12 May 2022 what is contingent Liability and matching principle.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
13 May 2022 A contingent liability is a liability that may occur depending on the outcome of an uncertain future event.
In accrual accounting, the matching principle instructs that an expense should be reported in the same period in which the corresponding revenue is earned, and is associated with accrual accounting.
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