What is contingent liability?
Answer Posted / mahesh babu
A contingent iability is a liability which may or may not
arise in the future depending on the happening or non
happening of an event.This contingent liability we not
consider in Balance sheet because may be some times it will
be happening or may not be happening.We will make a one
note for contingfent liabilities in audit file.
Is This Answer Correct ? | 22 Yes | 5 No |
Post New Answer View All Answers
ACCOUNTING STANDARDS ISSUED BY INSTITUE OF CHARTERED ACCOUNTANCY INDIA FOR PREPARING FUND FLOW STATEMENT
What is Acquisition?
Zee Ltd. uses material—A for the production of Product M. The safety stock of material A is 300 units; the supplier quotes a delivery delay of two or three weeks. If the company uses 500 to 800 units a week according to the activity levels, the re–order level of material–A will be A. 2300 units; B. 2400 units; C. 2700 units; D. 28 units.
Who to create a budget on software company
1.provide a brief write up on why you consider yourself suitable for the post voting your major achievements? 2. Mention your position in the hierarchy and the levels above and below you ?
Short Answer on _________________City Compensatory allowance
Expand-------NABT
Enter the following in the petty cash book, using appropriate expenditure column headings. the book is kept in the the amount of imprest system. the amount of imprest is #40,000
What are the question asked for accounts associate
A crushing unit blasted 1650Mts in the month of March 2009. The rate of Royalty to be paid is rs 35/- Per MT. Advance royalty was paid rs 250000/- on 1-3-2009. pass journal entries from the advance royalty
how i got knowledge about custom and excise i want rate list of custome and excise how we summit return of custom and excise , Is it include with ser. tax
explain the financialand economic meaning of investment?
what is investment banking
what is cost centre , job costing & Budget control. what is the effect of these.Explain its briefly.
Short Answer on ______Amortization