Answer Posted / kalyani
Item that depends on some future happening that may or may
not occur. Its existence or value is not assured. A
contingent asset may emanate from a Contingent Liability .
An example of a contingent asset may be a successful
lawsuit claiming damages of another party. It cannot be
shown as an asset on the balance sheet because it violates
conservatism. However, footnote disclosure may be made.
Is This Answer Correct ? | 43 Yes | 3 No |
Post New Answer View All Answers
I WANT ACCOUNT ASSISTANCE INTERWIEV QUETION IN L&T
what is the difference between cash flow and funds flow
what is internal audit
How can we calculate the total income of the company.
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
what is corporate accounting?
what is ment by master in tally?
in case dedit balance of solvent partner and in case credit balance of insolvent partner what i do for accounting on dissolution of partnershio firm give me ans. as per garrner v/s murry rule
Hi, I am preparing for Junior Accounts Officers test- APTRANSCO. Can any one suggest the model paper / Books available? john kadapa
ACCOUNTING STANDARDS ISSUED BY INSTITUE OF CHARTERED ACCOUNTANCY INDIA FOR PREPARING FUND FLOW STATEMENT
Whats the Balnace of Closing stock so if we issued the materil then the Closing stick will be dr and in case we pirchsed the materil the closing stock will be cr so tell me that i m correct or not
Clasify capital
Can anybody send me Interview questions & Answers to me IN Accounts & finance my Mail ID - virupaksha_krt@rediffmail.com
WHAT IS DIFFERED INCOME TAX AND WHERE IT SHOWS IN BALANCE SHEET?
Difference Between Revenue & Capital Expenditure (Give an Example of each )