What is contingent liability?
- 16 Answers
- 43373 Views
- Al Fara, Combined Fabrics, Scope International, Syntel, I also Faced
- E-Mail Answers
Answer Posted / shekhar
A potential expense, one that may or may not eventuate,
depending how events turn out, but which should be provided
for in properly kept accounts or budgets. Examples of a
company's contingent liabilities might include damages from
a pending lawsuit against the company; guarantees given to
secure another company's borrowings; or having the
company's name as endorser on a bill of exchange that is
yet to mature
| Is This Answer Correct ? | 5 Yes | 0 No |
Post New Answer View All Answers
For what purpose ERS is used for?
what is ledger account
what is the procedure for issuing th C form
it is better to invest in which securities short term/long term or both? please reason4 the same
Expand SOIT
how to prepare the balance sheet of private ltd. company & what roll should be play by Income tax, compnay law & accounting standard in India & world.
Define Bill of Exchange
How are fund-raising and publicity and management and administration costs apportioned over funds?
what is meant by virus
how to calculate stt
What is the rule on a school who will be handled by anither school? How do I calculate the royalty per year to the school who will supervise a new school
describe how accuracy in trial balance is a prime objective for preparing the financial statements?
what salary you expect???
what is circuit filter?
What is the difference between income statement & Profit&loss A/c?
