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 Audit interview questions  Audit Interview Questions
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question 
WHAT IS CONTINGENTI ASSESTS AND LIABILITIES?
 Question Submitted By :: Gouse
I also faced this Question!!     Rank Answer Posted By  
 
  Re: WHAT IS CONTINGENTI ASSESTS AND LIABILITIES?
Answer
# 1		 
contingent asset is nothing but it is an asset which will be
giving benefit in  future years
eg - given an add result will receive in future

contingent liability in simple word we can say it might be
neither asset nor liability . The decession may be in 
favour of you or not if it is in favour of you it is an 
asset if not it is an liability
 
Is This Answer Correct ?    1 Yes 3 No
Ravindra
 
  Re: WHAT IS CONTINGENTI ASSESTS AND LIABILITIES?
Answer
# 2		 
Contingent liability is a liability which defends upon 
occurance & non occurance of some future event is called 
as  continngent liability same like that for contingent 
asset also
 
Is This Answer Correct ?    0 Yes 0 No
S.srinu
 
 
 

 
 
 
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