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Test: Contingent Assets And Contingent Liabilities - CA Foundation MCQ


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30 Questions MCQ Test - Test: Contingent Assets And Contingent Liabilities

Test: Contingent Assets And Contingent Liabilities for CA Foundation 2024 is part of CA Foundation preparation. The Test: Contingent Assets And Contingent Liabilities questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Contingent Assets And Contingent Liabilities MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Contingent Assets And Contingent Liabilities below.
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Test: Contingent Assets And Contingent Liabilities - Question 1

Contingent Liabilities are shown : 

Test: Contingent Assets And Contingent Liabilities - Question 2

Contingent asset is not recognized in the financial statements on the basis of ______ accounting concept: 

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Test: Contingent Assets And Contingent Liabilities - Question 3

 Contingent asset usually arises from unplanned or unexpected events that give rise to 

Test: Contingent Assets And Contingent Liabilities - Question 4

 If an inflow of economic benefits is probable then a contingent asset is disclosed 

Test: Contingent Assets And Contingent Liabilities - Question 5

 ‘Workmen Compensation Under Dispute’ is an example of : 

Test: Contingent Assets And Contingent Liabilities - Question 6

 Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date: 

Test: Contingent Assets And Contingent Liabilities - Question 7

In the case of _______, either outflow of resources to settle the obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability.

Test: Contingent Assets And Contingent Liabilities - Question 8

 In the financial statement, contingent liability is

Test: Contingent Assets And Contingent Liabilities - Question 9

Contingent assets usually arise from unplanned or other unexpected events: 

Test: Contingent Assets And Contingent Liabilities - Question 10

Which of the following is not a difference between a provision and contingent liability?

Test: Contingent Assets And Contingent Liabilities - Question 11

________ appear as a footnote below the balance sheet. 

Test: Contingent Assets And Contingent Liabilities - Question 12

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as : 

Test: Contingent Assets And Contingent Liabilities - Question 13

Which of the following is not a contingent liability?

Test: Contingent Assets And Contingent Liabilities - Question 14

 Income tax demand, disputed by a company is________

Test: Contingent Assets And Contingent Liabilities - Question 15

Which of the following is not a contingent liability?

Test: Contingent Assets And Contingent Liabilities - Question 16

 In the financial statement, contingent liability is

Test: Contingent Assets And Contingent Liabilities - Question 17

If an inflow of economic benefits is probable then a contingent asset is disclosed 

Test: Contingent Assets And Contingent Liabilities - Question 18

 Bill discounted with a bank is ___________.

Test: Contingent Assets And Contingent Liabilities - Question 19

Contingent liability if becomes probable then it is ________

Test: Contingent Assets And Contingent Liabilities - Question 20

 Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as ________.

Test: Contingent Assets And Contingent Liabilities - Question 21

 Contingent asset is not recognized in the financial statements on the basis of ______ accounting concept: 

Test: Contingent Assets And Contingent Liabilities - Question 22

‘Workmen Compensation Under Dispute’ is an example of : 

Test: Contingent Assets And Contingent Liabilities - Question 23

In the case of _______, either outflow of resources to settle the obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability.

Test: Contingent Assets And Contingent Liabilities - Question 24

Which of the following is not a contingent liability?

Test: Contingent Assets And Contingent Liabilities - Question 25

 Provision for contingencies are not made in respect of _______ since they do not relate to situation existing at the balance sheet date: 

Test: Contingent Assets And Contingent Liabilities - Question 26

 Contingent asset usually arises from unplanned or unexpected events that give rise to 

Test: Contingent Assets And Contingent Liabilities - Question 27

 ________ appear as a footnote below the balance sheet. 

Test: Contingent Assets And Contingent Liabilities - Question 28

Which of the following is not a difference between a provision and contingent liability?

Test: Contingent Assets And Contingent Liabilities - Question 29

Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as : 

Test: Contingent Assets And Contingent Liabilities - Question 30

 Contingent Liabilities are shown : 

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