If you have financial liability, they you have to pay money if something goes wrong. Liability means you can be held responsible and financial means money.
no
by limiting their financial liability
Yes
Contingent liability is not shown in financial statments until it if considerably clear that liability will be happend and until that time it is shown as a note in notes to financial statement section.
Pecuniary
A liability.
Dividend payable is liability and shown under liability side of balance sheet.
Pecuniary
liability
by limiting their financial liability
Property owners Liability is the financial , legal liability attaches to property owners due to their property, where as tenants libility vice versa
There is no journal entry for contingent liability because contingent means which is not occurred and not sure that when will that liability will be created or liability is depended on certain event that's why contingent liability is shown under financial statements notes as contingent liability.