Answer Posted / suri
Contingent liability may be defined 'A possible obligation
that arises from past event whose existance will be
confirmed only after occurence or non-occurence of one or
more uncertain future events.
or
either outflow of resources to settle obligation is not
probable or the amount can not be expected to settle
liability with sufficient reliability are called contigent
liability
| Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
What are the 4 principles of gaap?
HI FRNDS THIS IS NARESH I DONE MBA (FINANCE)IN 2011. AND I DID COMPLETE SAP FICO.I WANT TO DO START CAREER WITH SAP FICO PLZ TELL ME PLZ HAVE ANY INTERVIEW AS FRESHER IN HYD OR PLZ SEND THIS MAIL...NAINALA.NARESH@GMAIL.COM
What is the formula for acid test ratio in accounting?
if any otion in tallyerp9 version about doing Luxury tax work
Did you use accounting applications at your previous companies or prefer working manually??
Tell me what is the difference between accumulated depreciation and depreciation expense?
In a housing society accounting if a defaulter having dues consisting of principal amount and simple interest, pays a part amount whether the received amount should be adjusted first against the interest dues and accordingly reduce the balance principal dues or adjusted only against the principal amount, allowing outstanding simple interest to contineously increase/
If assume we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/- worth of goods. Know my question is that we want to close the transaction now and how it possible? What about vat like tax setups in ap and ar? What about the sweep command in ap?
what s account
Sales Invoice 50000/- fully profit , management want profit for this year should be appear in P&L A/c and B/S 25000/- only and remaining 25000/- profit retain for the next year What will be JV for this year and next year?- Thank you
what is miscellaneous expenditure??
Why is it necessary to prepare Asset Disposal Account?
what is the minimum & maximum amount paid by company per day
which subsidiary book is source of these:debit note,credit slip,
what is the manual procedure for accounting
