Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / jeevan
Contingent 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.
Examples
outstanding lawsuits
Accounts payable-Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet.
Liability
Liquidated damages
Tort-ort law is a body of law that addresses, and provides remedies for, civil wrongs not arising out of contractual obligations.
Bills Discounted with bank
Unliquidated damages-Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance).
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
what is dividend? how do the use an accountancy?
Expand---------NPTO
what is the nature of bill receivable and consignmenta/c
The Analysis of flow of funds through an organization can be very useful to the managment. Elucidate
What three Specific Job Positions do you target from the Industry
give the details of overheads which are not included in costing
Pls Explain Accounting Standered 1,3,11,29
what is non stock?
what is the procedure of interview question in genpact
Expand DPCO
How can a shopkeeper maintain the daily data in tally
How to Calculate PF with interest or without interest.
loss of pay for a employee when he is not having single leave bal. in his account that time what is the calculation 2) what exactly the days to be considered i.e. 26 days or 27 days i.e. to arrive at salary per day what exactly the days to be divid
why should i hire you? what are your outside interest? what was your toughest decision you ever have to make?
EXPAND___________NBFCS
