Question { India Infoline, 29121 }

What is Accounting?

Answer

Accounting is an art of recording, classifying and
summarizing in a significant manner and in terms of money
transactions and events which are in part atleast of a
financial character and interpreting the results there off.

Question { MAHINDRA, 21524 }

what all are the items that comes under the personal
account?

Answer

Bank A/c, Raju's A/c etc

Question { ACS, 21626 }

Where will Contingent liability appears? And why it is not
appear in Balance sheet?

Answer

Contingent liability does not appear in the balance sheet.
It is written as a note under the balance sheet because
contingent liabilities are those liability which may or may
not be incurred depending on the future outcome. For Ex:
Loss by fire, theft etc...