What is contingent liability?
Answer Posted / pravin kale
Contingent liabilities are liabilities that may or may not
be incurred by an entity depending on the outcome of a
future event such as a court case. These liabilities are
recorded in a company's accounts and shown in the balance
sheet when both probable and reasonably estimable. A
footnote to the balance sheet describes the nature and
extent of the contingent liabilities. The likelihood of
loss is described as probable, reasonably possible, or
remote. The ability to estimate a loss is described as
known, reasonably estimable, or not reasonably estimable.
Is This Answer Correct ? | 60 Yes | 10 No |
Post New Answer View All Answers
how will i develop my fears in interviewd?
give the details of overheads which are not included in costing
what is CDD’s configuration
Nike,Inc. has developed a variable-overhead rate of $10 per machine hour,and estimates fixed overhead $250,000 for production up to 100,000 units per year. If the production manager estimates 9,000 machine hours for the production of 90,000 units next year, what are estimated variable-overhead costs?
Expand---------EDP
If a bank lends money to FFMC's for working capital requirement, whether the Bank can have charge on the currencies FFMC deal/exchange, by way of hypothecation or is it just a clean loan.
what is participation right is it a debt? or not?
what is the organisation chart for accounting and finance ?
In financial management why we calculate the cost of debt, (cost of capital) while rate of interest is given.
Short Answer on __________written Down value
My name is Tasha actually I had put my file for Australia PR on basis of Hairdresser, and I have shown my qualification of 10th passed, but I done my B.Com with Accountancy, and presently I am working as Accountant,Now I want to put up my file for Australia Student is it possible, and my age is 36 yrs, I had already given my IELTS (Academic) and I have scored 6 bands, but its period has been expired,please give me some answer what to do next.
helo sir, i want to know the writen exam pattern for finance and accounts ang general apptitude test of ongc.
how many types of financial teribuanal? what is that?
Distinguish between sale and consignment
while i creating a main asset master there is a error called process being terminated? pls send the solution