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
- 5135 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / 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 |
Answer / shivanand
contingent liabilities are liabilities, which are those may
or may not accure in the future and it is also shown in
the liability side of the balance sheet
| Is This Answer Correct ? | 1 Yes | 3 No |
What is the meaning of FIRM
How does the profit is affected by the loan.
what is the need of creation of cost centre in a company ?
why closing balance do not come in trial balance?if it is in which case it comes?
What is Ledger
how to attract the HR person and give me tips
23 Answers Bajaj Capital, BPO, Brigade, EDS, HCL, Infosys, Sitel, Wipro,
give the examples of Error of Duplication?and Error of compensatin? with entries
What is the uses of invoices? how many types of invoices, and difference between invoice and voucher, invoice and bill?
What is Meaning Of accounting Function , Fund Management, Equities, Mutual Funds, Fixed Income Secrities, Derivative, Accounts of Trade, Share Holder Transaction,Knowledge on Using bloombag?
can anyone tells about the reserve money
What is NPV? What is IRR? What is the difference between NPV and IRR method? Which and why among NPV and IRR do you think is more appropriate technique in capital budgeting?
3 Answers Christ University, College School Exams Tests, Deloitte,
what is the meaning of hedging?
Audit 
