What is contingent liability?
Answer Posted / sreenivasan.m.p
contingent liability is a potential liability…it depends
on a future event occurring or not occurring. For example,
if a parent guarantees a daughter’s first car loan, the
parent has a contingent liability. If the daughter makes
her car payments and pays off the loan, the parent will
have no liability. If the daughter fails to make the
payments, the parent will have a liability.
Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
what is Rectification of Errors ?
what you mean by cross dunning
WHEN IN ADJUST. GIVEN THAT THERE IS VALUE OF RS...., OBSOLESCENCE STOCK INCLUDED IN CLOSING STOCK RS.......,WHAT IS THE PROPER WAY TO SHOW IN INCOME STATEMENT AND POSITION STATEMENT.
Is it correct to covered fesibility report expenses and survey expenses in pre-operative exepenses ?
while i creating a main asset master there is a error called process being terminated? pls send the solution
What is the content of purchase order? n content of voucher? what is the main use of voucher.
what is the difference between sap and sas?
plz send me a solved paper on SBI of clerk post
how will you create the posting periods 3 and 5 or 5and 7?
Expand-------SCAN
define holding company,public company, if the compnay be a public company what will the criteria? asked on 30/7/09
How to raise my credit score if I have 500 credit score?
Do v call director in the partnership firm?
What are motive behind mergers And acquisitions?
what is exercise duty how to calculate that and how to update in tally