What is the meaning of Contingent Liability? Where is it
shown in the Balance Sheet?
Answers were Sorted based on User's Feedback
Answer / manojs
it is a liabilty which may or may not arise in case of any
event or contigency
it is shown as a foot notes in the balance sheet
Is This Answer Correct ? | 24 Yes | 3 No |
Answer / muhammed noushad
Contingent liability we are shown this in the liability
side under the head of contingent liabiliteis its the type
of liability which is emideate create.we are only show it
in the balance sheet it doe's not show any effect on
balance sheet total.
it is a liabilty which may or may not arise in case of any
event or contigency
it is shown as a foot notes in the balance sheet
Is This Answer Correct ? | 9 Yes | 0 No |
Answer / sukanya reddy
contingent liabilities are those liabilities which may or
may not happen. they are contingent or dependant on future
event, which may or may not happen. example is lawsuit or a
legal proceeding. They are not reported as a liability in
the balance sheet. if it is significant it will be reported
into the notes to accounts in the financial statements.
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ajay kumar
Contingent Liability to be shown in the balance sheet on the
liability side that is one of the liability in the company
Is This Answer Correct ? | 14 Yes | 19 No |
Answer / raman kumar
Contingent liability we are shown this in the liability
side under the head of contingent liabiliteis its the type
of liability which is emideate create.we are only show it
in the balance sheet it doe's not show any effect on
balance sheet total.
Is This Answer Correct ? | 11 Yes | 17 No |
How do you set the increment point in appraisal of salaries. It becomes so difficult for the employer to hear again and again about increment
Expand ------DGCA
Dear sir, I have complete B.com in march 2007, for past 4year i am doing some marketing jobs in insurance sector, now i need to change my job in accounting sector, i have heard that by doing SAP Fico there will be better opurtunity in corporate companies.
what is the benifit of deprecation in the case of provision of depre.
What is communicating
what is meant by banking securities? how they works?please explain thoroughly.
Expand ________FCD
What is derivative?
while passing a journal entry we rite dr. for the a/c to be debited but why don't we write cr. for the a/c which is credited and instead write 'TO'??
What is invoice accounting rules?
Define Salry for the following purpose 1.To calculate HRA
What Entries come under Bank OCC A/c. & Bank OD A/c. ?
8 Answers State Bank Of India SBI,