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

Advantages of setting accounting standards, Advantages of setting Accountin...

Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett

Give the journal entry to correct scranton''s books , On 11/1/05 the Scrant...

On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins

On aug 14th, On Aug 14th, One of our Partner's ( Compuville ) cash book sho...

On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00. His bank statement showed a balance of $4,270.00. On comparison the following we

Steps to explain supplier, What are steps to explain supplier? Ans) Supp...

What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim

Using 2012 as the base year, Using 2012 as the base year, prepare a trend a...

Using 2012 as the base year, prepare a trend anslysis for the data that follow, and tell whether the results suggest a favorable or unfavorable trend.(round to one decimal place.

Help with journalizing payroll transactions and filling, help with journali...

help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp

Transponder, A user buys a new transponder for $20. What debit and credit e...

A user buys a new transponder for $20. What debit and credit entries would need to be made?

Ledger, ledger is said to be the principal book entry and the transactions ...

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces

Prepare a trial balance with example, Q. Prepare a trial balance with examp...

Q. Prepare a trial balance with example? The Larry Fisher was captain of the football team at Prestige University. Afterwards he earned a master's degree in business administra

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