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How do contingent liabilities affect a company's balance sheet?a)Contingent liabilities are always recognized as actual liabilities.b)Contingent liabilities have no impact on the balance sheet.c)Contingent liabilities are disclosed in the footnotes of the financial statements.d)Contingent liabilities are treated as regular liabilities in the assets section.Correct answer is option 'C'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about How do contingent liabilities affect a company's balance sheet?a)Contingent liabilities are always recognized as actual liabilities.b)Contingent liabilities have no impact on the balance sheet.c)Contingent liabilities are disclosed in the footnotes of the financial statements.d)Contingent liabilities are treated as regular liabilities in the assets section.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for How do contingent liabilities affect a company's balance sheet?a)Contingent liabilities are always recognized as actual liabilities.b)Contingent liabilities have no impact on the balance sheet.c)Contingent liabilities are disclosed in the footnotes of the financial statements.d)Contingent liabilities are treated as regular liabilities in the assets section.Correct answer is option 'C'. Can you explain this answer?.

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