What do you mean by contingent liabilities, Accounting Basics

Assignment Help:

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.


Related Discussions:- What do you mean by contingent liabilities

Hi, Purchase of office supplies what is the account classification?

Purchase of office supplies what is the account classification?

1. carmen santiago works for a number of businesses, 1. Carmen Santiago wor...

1. Carmen Santiago works for a number of businesses as a "consultant." She has helped design accounting systems, provided accounting services, and analyzed the financial stre

Learning objectives of inventory turnover ratio, Q. Learning objectives of ...

Q. Learning objectives of inventory turnover ratio? - Net income for an accounting period depends straight on the valuation of ending inventory. - If the ending inventory is

statistical test , A high school counselor needs to show whether the teena...

A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random

Accounts, entry for bad debts provision

entry for bad debts provision

Income statement single step, Solve accounting income statement question in...

Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company:                 Net Sales             5

Meranda corporation purchases a machine for $125, Meranda Corporation purch...

Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of

Accounting policies, How the use of different accounting policies affect th...

How the use of different accounting policies affect the financial performance of different entities operating within the same industry

What is time orientation - financial accounting, What is Time orientation ...

What is Time orientation Financial accounting reports reflect position and performance of business for the past period. Essentially, they are backward looking. Management accou

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd