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what is contingent asset
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Answer / kalyani
Item that depends on some future happening that may or may
not occur. Its existence or value is not assured. A
contingent asset may emanate from a Contingent Liability .
An example of a contingent asset may be a successful
lawsuit claiming damages of another party. It cannot be
shown as an asset on the balance sheet because it violates
conservatism. However, footnote disclosure may be made.
| Is This Answer Correct ? | 43 Yes | 3 No |
The asset which is under dispute is called contingent asset.
contingent asset are shown as a footnote under the balance
sheet.
| Is This Answer Correct ? | 8 Yes | 1 No |
contingent asset means eg- if active partner and sleeping
partner are fighting for particular asset the lawyer advised
to settle the matter in the court. depending up on the court
final judgment if the judgment was in favour of whom will be
holding the asset
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / pankaj
assets which is under disputes of parters or of companies, that is to be treated as contingent assets.............
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / biswa darshan
Contigent Asset is a unasured asset which is treated under
current asset. It's clearance is not clear till iot is
encashed. for example Cheque, Bill receibable etc.
| Is This Answer Correct ? | 9 Yes | 21 No |
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Audit 
