Contingent Liabilities
Explain the term Contingent Liabilities?
Expert
Contingent liabilities are such liabilities that are not liabilities as of at present.
In future they might become liabilities. They are termed as contingent since they are not real.
Illustration: A bank exhibits all bank guarantees which has issued as contingent liabilities in its balance sheet. Reason is that those bank guarantees might be invoked and might really become liability in some unidentified date in the future.
Contingent liabilities are illustrated in annual report and balance sheet. There is a solid reason for similar. Assume any contingent liability becomes an actual liability in future then the stake holders in the company must not acquire surprised by unexpected expense by the company.
Investors require to be informed of probable liabilities in the future.
Identify and describe 4 types of groups; provide examples.
Give a brief introduction of the term ‘Budgetary Control’ also writes down its characteristics?
Japanese MNCs, like Toshiba, Toyota, Matsushita, and so on, made extensive investments within the Southeast Asian countries such as Malaysia, Thailand, and Indonesia. State your opinion, what forces are making Japanese investments within the region?
Explain the term Brokering Creativity in Creative industry ?
Calculation of weighted average cost of capital: Under this following steps are undertaken: 1. Record amount in respect of various long term resources of firm. 2. Add up the amo
State what is meant by Subsidiary bank.
Assignment: The purpose of this assignment is to review the accounting cycle--the procedures that businesses normally use to record transactions during the year and prepare financial statements at the end of the year. The accounting cycle is discussed in Chapter 3 of your textbook. &nb
Define the meaning of sale in Accountancy?
What are MIS reports and do you made it?
The Webster Company uses the aging method to estimate the allowance for doubtful accounts. The following schedule of accounts receivable was prepared as at December 31, 20x6: Age Balance %
18,76,764
1951510 Asked
3,689
Active Tutors
1424939
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!