Contingent liabilities are:
(1 Mark)

Question

Contingent liabilities are: 
 (1 Mark)

Accepted Answer

Disclosed in the notes unless the possibility of an outflow of economic benefits is remote

Answer

Recognised in the statement of financial position unless the possibility of an outflow of economic benefits is remote

Answer

Always disclosed in the notes to the financial statements

Answer

Always recognised in the statement of financial position

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