Which liability is not included in the total of Balance Sheet ........

Accountancy (Phase -I & II) Company Final Accounts

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Which liability is not included in the total of Balance Sheet?

Current liabilities

Contingent liabilities

Fixed liabilities

All of the above

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Explanation:

A contingent liability is a potential liability that may or may not become an actual liability. Whether the contingent liability becomes an actual liability depends on a future event occurring or not occurring. Contingent liabilities is not included in the total of Balance Sheet. The contingent liability will be disclosed in the notes to the financial statements.