due to which of the following the contingent liabilities are shown in balance sheet
  1. concept of consistency
  2. principle of full disclosure
  3. principle of materiality
  4. going concern concept

Dear Student,
Contingent liabilities are potential liabilities in which the obligation to pay depends upon happening of a future event.  Disclosure of such liabilities in Balance Sheet is due to Principle of Full Disclosure that demands for complete and understandable reporting on the financial statements of all significant information relating to economic affairs of the entity.

  • 1
principle of full disclosure
  • 2
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