Interested to Buy Any Domain ? << Click Here >> for more details...
Short Answer on _______Contingent Liability
- 4 Answers
- 6402 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / om
contigent liability is one of the liability which is not a
actual liability of the company nor it is appeared on the
liability side of the balance sheet.
this type of liability are not necessary to be occured, it
depends on situations.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / swati jain
As per Accounting Standard (AS) 29 on 'Contingent
Liability', it is a possible obligation that arises from
past events and the existence of which will be confirmed
only by the occurrence or non-occurrance of one or more
uncertain future events not wholly within the control of
the enterprise.
It is not an actual liability hence not disclosed on the
liability side of Balance Sheet and disclosed on the face
of the Notes On Accounts thereby forming part of the
Financial Statements
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sumit
the liability which may or may not arise on the happening
or the non happening of the event and the event is
uncertain or unpredictable or beyond control . this is not
the liability and is not shown in the liability side of the
balance sheet unless the event becomes certain or
predictable or under full control .
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ganapathi raman
Contingent liability is a liability that arises due to the happening of a future event.
| Is This Answer Correct ? | 0 Yes | 0 No |
What is the quality of the accountant & rights ? hansika.kk@gmail.com
while passing a journal entry we rite dr. for the a/c to be debited but why don't we write cr. for the a/c which is credited and instead write 'TO'??
Can any body answer me what is the logic of writing A/c's payee over the corner of the cheque?
PL TELL ME PHONE OR MOBAIL IS OUR ASSETS IF YES CAN I TAKE AS ASSETS IN MY BALANCESHEET & PL TELL ME DEPRECIATION JOURNAL ENTRY
what is capital market?
Expand---------MTRS
Q: What job would you like to have in five years time?
Choose the right answer Which of the following is Nominal account 1.Sales 2.Customer 3.Dealesrship Deposit
Distinguish between liability and provisions?please explain it?
How and by whom the Percentage of Depreciation is fixing?
Please do tell me about the questions which are asked at BACS FINAL ROUND.
0 Answers BA Continnum Solutions, Bank Of America,
plz tell me the finance questions asked in hsbc latest question asked in hsbc?
Audit 
