Answer Posted / srikantpatnaik

Contingent liability is a probable liability. It means it is
not an actual liability so this item is not shown in Balance
Sheet. rather it is an anticipation of a probable liability
due to certain situations like legal cases pending in court
against the entity and if it goes against the entity then it
may have to pay compensation to the plaintiff.
The entity needs to provide the expected outflow of cash in
case of verdict against it in the footnotes(notes to the
accounts) of the financial statements.

How can retify the errors in the trial balance

1710

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What is functional area,trading partner in sap fico

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What goals do you have in your career

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what is a depository?

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Explain why the assets of a partnership are usually revalued before the admission of a new partner or the retirement of an existing partner

1468

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define fixed assets

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recently release the 6.0 version not succede in the market why?

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i m a student of icwai i have just passed out my foundation and i wanna no if i should go for both intermediate group together or not....

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hii,i was appeared in recruitment process of Catholic Syrian Bank.Interview question were general banking related... as what is crr,calling rate, current inflationrate etc

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WHAT IS MEANT BY FACTORING, TRESURY BILLS,BULLS, BEARS

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Give me the asset revaluation (at the time of asset value increase & decrease) journal entrys?

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why cost center is assign to gl account in sap

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Give a brief explanation of the fundamental accounting concept of prudence

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