Where will Contingent liability appears? And why it is not
appear in Balance sheet?
- 4 Answers
- 21632 Views
- ACS, I also Faced
- E-Mail Answers
Answer Posted / murali royal
It's a liability which may or may not happen in future depending on happening of uncertain events. It wont appear in Balance sheet. But we should mention under the b/s as foot note. Because, as per the convention of disclosure we have to disclose all the information in the financial statements.
| Is This Answer Correct ? | 16 Yes | 3 No |
Post New Answer View All Answers
what is crisil?what is the advantage of crisil rating?
WHAT IS INTEGRAL ACCOUNTING
Expand-------------BRTS
When is proposed divided a current Liability and when is it non-current liability? Why is it in the list of Current Capital Accounts?
What is the meaning of Debt reconciliation and how to do debt reconciliation?
Exapnd--------RAN
would gross expenditure vouch the correctness or otherwise of the given expenses?
Which Exchange determine Foreign Exchange/Currency Rate?
what is Calculation of Depreciation for 4 to 5 Years?
How can retify the errors in the trial balance
Why it is necessary to use SAP in an industry? & What is the difference from other advance accounts software like Tally ERP 9? What is the importance of using GAAP for best management decission or why GAAP using by Top Management?
You been asked to prepare a training class for completing expense statements. What points will you emphasize to insure accurate expense statements are submitted?
how to work on CMA form in manufacturing compay as well as how to analysis working capital ?
You are working in a Company but due to certain reasons you were not able to complete the work given to you on time, so to write a Letter of Apology to your Senior regarding it.
What do you think you do well?
