what is contigent liability and where we shown in balance
sheet
Answers were Sorted based on User's Feedback
Answer / kiran
A contingent liability is a potential liability...it
depends on a future event occurring or not occurring. For
example, if a parent guarantees a daughter's
Is This Answer Correct ? | 8 Yes | 2 No |
Answer / ankur vora
A Contingent liability is the probation of a liability which right now is not incurred but might occur in future depending on certain future event occur or not. It is not shown in balance sheet but it is described or mentioned in annual report below the schedules to the financial statements.
Is This Answer Correct ? | 2 Yes | 0 No |
i want to wearies heads under direct expenses and indirect expenses
what is mean by preliminary balance sheet and how did prepare the balance sheet what is the meaning of single entry & double entry system
What is the due date of Filing PF return? Is it being filed half yearly or annually?
What is the difference between Loan and Advance?
16 Answers Banking, Syndicate Bank,
How to calculate interests?
What are the steps involved in project implementation?
What do you mean by the word Loss in nominal accounting Give some examples
why profit is a liability and loss is an asset?
what is SEC?
What is the Difference Between Economy and Finance?
pass journal entry for Prepaid insurance
capital goods purchased from Singapore. payment made by bank in rupees. but the invoice value is in USD, How to make purchase entry in tally?