Interested to Buy Any Domain ? << Click Here >> for more details...
What is contingent liability and contingent asset and
provision in respect Accounting Standard?
- 2 Answers
- 5053 Views
- I also Faced
- E-Mail Answers
Answer Posted / mallikarjuna mba in finance
Contingent liabilities are 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. The likelihood of
loss is described as probable, reasonably possible, or
remote. The ability to estimate a loss is described as
known, reasonably estimable, or not reasonably estimable.
| Is This Answer Correct ? | 7 Yes | 0 No |
Post New Answer View All Answers
bill to addres? ship to addres? rimit to address?
When we are raised a interstate invoice then which type invoice we are raised
Entrance Exam question & Answer required
what happens to each of the three primary financial statements when capital expenditures decrease?
explain about mergers & aquisitions? asked on 30/7/09
hello,dear any body give me mis report format. my email :kumar_ranjeet121@yahoo.in
why specifically inited states ?
Expand-------NBTA
can u let me know how the bankers calculate interest on O.D.account
Please define Transaction Type , Movement Type , Asset Transaction Type , Item Type & Document type. Please also give examples of each of them
Expand--------SRTA
how to entry in tally for other person check received
please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
Provision of Bad Debts is made in compliance with the convention of -----------
4. Calculate the following from the particulars given below: i) Material Cost Variance ii) Material Price Variance iii) Material Usage Variance iv) Material Mix Variance v) Material Yield Variance Material Standard Actual Qty kgs. Price Rs Value Rs. Qty kgs. Price Rs Value Rs A 50 4 200 40 5 200 B 30 6 180 30 6 180 C 20 3 60 30 3 90 100 440 100 470 Loss 20 ----- 30 ----- 80 440 70 470
