Financial planning services would fall under the authoritative requirements of O None of the above O SSCS No. 1 Both of the above O SSVS No. 1

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.