Interested to Buy Any Domain ? << Click Here >> for more details...
what in contingent liabilities
- 6 Answers
- 10422 Views
- Genpact, KS, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / pranay
Contingent liability is that liability which may or may nt
occur in future
| Is This Answer Correct ? | 16 Yes | 1 No |
Answer / sonipiyushsoni
Contigent Liability is the possibility of an obligation to
pay certain sum dependent on future events. For
Example "Outstanding Law Suit"
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / rana ghosh dastidar
Contingent liability is that liability which dependent on
future events.That is if the particular enent occur the the
liability will arise otherwise may not be arise.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / krishna reddy
contigent liability is that which depends on the future
happenings. its payment is depend on the future decession.
it is shown under the balance sheet as a foot note
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / jeevan
Contingent 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.
Examples
outstanding lawsuits
Accounts payable-Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet.
Liability
Liquidated damages
Tort-ort law is a body of law that addresses, and provides remedies for, civil wrongs not arising out of contractual obligations.
Bills Discounted with bank
Unliquidated damages-Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance).
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / jyoti agrawal
contingent liability is that liability whose occurence is
not sure in the future.it comes as a foot note in the
balance sheet
| Is This Answer Correct ? | 0 Yes | 0 No |
If we spend a sum of Rs.10 Lacs towards Processing and Upfront fee for obtaining working capital term loan. can we treat this amount as a deferred revenue expenditure or not
Expand ------APDDCF
A cheque of Rs 65000/- received from aruna traders dishoured
How do we return the loan in equal installments with interest in tally
What is prepaid expences
when the creditors shows debit balance
What is meant by undercast and overcast in accountancy? Explain with some transactions and their corresponding journal entries.
Expand R A (Allowance in Railways)
i did mba finance in 2010,but i came from life sciences to mba,i know in interview they ask y u came from sciences,so what i tell?pls reply me.
what is balancesheet adjustment a/c. what is the use of this a/c in sap fico
0 Answers FactSet Systems, Reliance,
Expand-------CSNA
define cost of goods sold
Audit 
