Question { 7005 }

vwhy a variable cost is said to be variable?

Answer

Cost that varies according to output is called Variable
cost, if Output increases variable cost increases and Vice-
versa, But variable cost will fixed per unit of output upto
some range, variable cost is also called as marginal cost.

Question { Capital IQ, 16749 }

what is the difference between long term debt and short
term debt?

Answer

The difference between long term debt and short term debt is
that
Long term debt is a debt that can be paid after a one year
and short term debt is a debt that has to be paid with in a
period of one year

Question { HSBC, 10902 }

what is bank reconcilation?

Answer

Bank reconciliation is a statement that is prepared in some
intervals like monthly, for showing the causes of why there
is mismatch between cash book and pass book.

The examples for Mismatch are:
Cheques issued but not cleared, cheques deposited but not
credited, interest on deposits which is credited by bank but
co. don't know, monthly expenditure which is paid through
banks but co. don't know, cheques deposited by outsiders and
credited but co. not having the information etc.

Question { IQ, 7595 }

whatis meant by contigent liability

Answer

Contingent liability is a liability that is not certain,
but it depends on condition, it will be incurred if that
condition happens or not happen.