what is contingent asset
Answers were Sorted based on User's Feedback
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 |
Even if Trial balance tallies.there will show some errors why? what is the reason?
does MIS reports are used in Tally n Focus software? if yes how it is used in focus software? for AR n AP
When Trial Balance match?
what is real account
Expand---------DBCE
Explain "basic fundamental Assumptions"?
what is duties and responsibilities for clark working in sbi
0 Answers State Bank Of India SBI,
What is Ledger
A----------involves transfer of money or moneys worth from one person to another
What is meant by Salaries Outstanding Accounts?
If a bank lends money to FFMC's for working capital requirement, whether the Bank can have charge on the currencies FFMC deal/exchange, by way of hypothecation or is it just a clean loan.
Expand MNS