what is contingent liabilty, how it shows in balance sheet?
Answer Posted / sat
Contingent liability is nothing but,
A liability which "may or may not arise" in future.
It shown in foot note of the balance sheet as they are not affecting the liability.
Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
How can pass reverse entry to close the account. If the Asset sides is greater then liabilities side and vice versa, then what can I do.
How new/innavtive assets are to be treated under IFRS?
Detail your responsibilities in accounts receivable
What are depreciation and amortization?
What is the disadvantage of double entry system?
MEANING OF RED HERRITING
Cost Accounting
What is partnership accounting?
Accounting Questions
Does anybody know anything about BirlaSoft? I got a job offer, they sent me a contract to sign and return, but thank God they didn't ask for any money! But, they said they would send me a check in the mail. And as my first "task" I would have to use that check to order a bunch of accounting software, and I would need to purchase this software ONLY from the vendors that THEY provide. Is this a scam to just get money? I'm wondering if they "own" the vendor they "work" with and launder money that way. I asked the person who was getting my information, as far as my name and address to send the check to, Why would I have to buy software to install in my home computer anyway? Couldn't they just send me a link for the software to download? I'm afraid of the check being fake. Because, if I deposit the check into my checking account and it turns out to be fake, then I'll owe the bank all that money! Hope to hear from someone soon. Thanks.
what is accounting cycle ?
how to solve cashbook question
if my salary is 12000 per month how much i will get after deducting PF an ESI
Contrast bookkeeping and accounting
WHAT IS CORE ACCOUNTING, GROUP CONSOLIDATION ? CONSOLIDATED ENTRY. COULD YOU GIVE ME AN EXAMPLE