What is the contignent liability
2. what is the Break Even Point
3. what is the cash system
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Answer Posted / ajay kumar sahoo
Contigent liability is the liability which is to be paid by
the company after happening of certain events. normally it
is the outcomes of lawsuits. The presence of which may
effect the share price.
BREAK EVEN POINT is the point where there is no profit no
loss . Company can only recover the cost of the product.
CASH SYSTEM is a system of accounting where accounting
entries are made only when cash are received or paid. not
in the case of cash are likely to be received or paid.
For-ex - electricity expenditure of MAR. month are billed
in the April so in cash system exp. are booked in april
month only not only in the month of MARCH month.
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