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Q. What do you mean by Contingent liabilities?
Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a company is being sued, it has a contingent liability which will become areal liability if company loses the suit.
On January 1, 2012, Lexmark Company's Accounts receivable account had a debit balance of $10,000. During January, 2012, the company billed customers for services in the amount of
What does a business owner do when the cash balance approaches zero and there are bills to be paid? (Hint: look at the financing activities of the Cash Flow Statement and then lo
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
You should have recorded in your cash books all amounts you've really received and payments you've really made. Though the cash books may be incomplete as your bank may have put ex
Purchased trucks and office equipment for cash Metro paid USD 20000 cash on behalf of two used delivery trucks and USD 1500 for office equipment. Office equipment and Trucks ar
State about the Balance Sheet columns of worksheet Balance Sheet columns of worksheet would comprise the amounts from Adjusted Trial Balance columns which are assets, capital,
WHAT ARE THE VARIOUS TYPES OF PRIME BOOKS
security deposit received from tenant
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
When common stock has a par value of $2 and a market value of $15: 1.) the liability of the stockholders is $13 per share 2.) there will be additional paid-in capital of $1
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