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Question 
what is contingent asset
 Question Submitted By :: Pote Naik
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is contingent asset
Answer
# 1		 
Item that depends on some future happening that may or may 
not occur. Its existence or value is not assured. A 
contingent asset may emanate from a Contingent Liability . 
An example of a contingent asset may be a successful 
lawsuit claiming damages of another party. It cannot be 
shown as an asset on the balance sheet because it violates 
conservatism. However, footnote disclosure may be made.
 
Is This Answer Correct ?    2 Yes 0 No
Kalyani
 
  Re: what is contingent asset
Answer
# 2		 
Contigent Asset is a unasured asset which is treated under 
current asset. It's clearance is not clear till iot is 
encashed. for example Cheque, Bill receibable etc.
 
Is This Answer Correct ?    1 Yes 0 No
Biswa Darshan
 
 
 

 
 
 
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