What is contingent liability and contingent asset and
provision in respect Accounting Standard?
- 2 Answers
- 4091 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / mallikarjuna mba in finance
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 ? | 7 Yes | 0 No |
Answer / shivanand
contingent liabilities are liabilities, which are those may
or may not accure in the future and it is also shown in
the liability side of the balance sheet
| Is This Answer Correct ? | 1 Yes | 3 No |
What is meant by sensex?
What is compensation theorem?
what is securites
Wat is pivot table
what tax will be on puchasing of sweets and is necessery to use form 38.
why to ifferentiate between capital and revenue expenditure?
What percentage of discounts lost did you have in Accounts Payable? Did the percentage increase or decrease under your supervision?
1 Answers Boston Consulting Group, Noble Group, United Healthcare,
While Scrutinizing the Trial Balance which error will catch you eye immediately...
what is the difference between sap and sas?
0 Answers Royal Bank Of Scotland,
what is balancesheet adjustment a/c. what is the use of this a/c in sap fico
0 Answers FactSet Systems, Reliance,
Earning made by a business organisation outside the main operations are called----------------
What is the difference b/w NPV and PBP?
Audit 
